Abraham Drezdner pays $2.2M for 3-family in Bedford Stuyvesant
Abraham Drezdner through the entity The Drezdner Group LLC paid $2.2 million to Thelma Branch estate for the three-unit building (C0) at 500 Willoughby Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on April 27, 2023 and was recorded on May 19, 2023. The property has 3,000 square feet of built space and 749 square feet of additional air rights for a total buildable of 3,748 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $750 and the price per buildable square foot is $600 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 Thelma Branch estate was Sondra Davis. The signatory for Abraham Drezdner was Abraham Drezdner.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Abraham Drezdner had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Thelma Branch estate had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Thelma Branch, individual owner.
The property
The 1-4 family building with 3 residential units in Bedford Stuyvesant has 3,000 square feet of built space and 749 square feet of additional air rights for a total buildable of 3,748 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,874 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 million.
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 not received any significant violations 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 block
On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 32,610 square feet of the 32,610 square feet. The two identified owners are Services For The Underserved and Allen Sender.
There are no active new building construction projects on this tax block.
The majority, or 93 percent of the 32,610 square feet of built space are elevator buildings, with walkup buildings next occupying 7 percent of the space.
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