ABJ Properties pays $5.1M to Atkins & Breskin for 2 rentals in Bushwick

ABJ Properties paid $5.1 million to Atkins & Breskin for two mixed-use rental buildings in Bushwick, Brooklyn in two separate transactions.

In the first, ABJ Properties through the entity Wilson Ave Holdings, LLC paid $2.75 million to Atkins & Breskin through the entity 243 Wilson LLC for the four-unit mixed-use building (S4) at 105 Wilson Avenue in Bushwick, Brooklyn.
The deal closed on August 3, 2023 and was recorded on August 30, 2023. The property has 4,500 square feet of built space and 1,574 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $611 and the price per buildable square foot is $452 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Atkins & Breskin was Jerry Atkins. The signatory for ABJ Properties was Benjamin Soleimani. The contract date was April 26, 2023.

In the second, ABJ Properties through the entity Wilson Ave Holdings, LLC paid $2.35 million to Atkins & Breskin through the entity 153 Wilson Townhouse LLC for the five-unit mixed-use building (S5) at 153 Wilson Avenue in Bushwick, Brooklyn. The deal closed on August 3, 2023 and was recorded on August 30, 2023. The property has 4,875 square feet of built space and 1,199 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $482 and the price per buildable square foot is $386 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Atkins & Breskin was Jerry Atkins. The signatory for ABJ Properties was Benjamin Soleimani. The contract date was April 26, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ABJ Properties purchased nine properties in seven transactions for a total of $35.2 million and has no record it sold any properties over the past 24 months.
The seller Atkins & Breskin purchased five properties in five transactions for a total of $11.4 million and sold 17 properties in 10 transactions for a total of $41.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steve Breskin, head officer and Alex Abreu, officer. The business entity is 243 Wilson Llc. The 4,500-square-foot property generated revenue of $102,870 or $23 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 4 residential units in Bushwick has 4,500 square feet of built space and 1,574 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $947,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received five DOB violations, one housing violation, and $400 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 3.3 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.4 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Brooklyn. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 20 of the 37 commercial properties representing 114,655 square feet of the 194,330 square feet. The largest owner is Yoel Hershkowitch, followed by Lazer Waldman and then Aron Kapelyus.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 194,330 square feet of built space are walkup buildings, with mixed-use buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Atkins & Breskin owned at least 22 commercial properties with 142 residential units in New York City with 202,610 square feet and a city-determined market value of $56.2 million. (Market value is typically about 50% of actual value.) The portfolio has $19.2 million in debt, borrowed from New York Community Bank and Metropolitan Commercial Bank. Within the portfolio, the bulk, or 25 percent of the 202,610 square feet of built space are retail properties, with mixed-use properties next occupying 22 percent of the space. The bulk, or 49 percent of the built space, is in Manhattan, with Brooklyn next at 45 percent of the space.

The buyer

The PincusCo database currently indicates that ABJ Properties owned at least 85 commercial properties with 996 residential units in New York City with 941,508 square feet and a city-determined market value of $139.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 88 percent of the 941,508 square feet of built space are walkup properties, with elevator properties next occupying 9 percent of the space. The bulk, or 47 percent of the built space, is in Bronx, with Manhattan next at 36 percent of the space.

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