Abraham Gelbstein pays $2.5M for 7-unit walkup in Prospect Lefferts Gardens

Abraham Gelbstein through the entity 1176 Nostrand LLC paid $2.5 million to Scott Kalb through the entity CK 1176 Realty LLC for the seven-unit residential walkup building (C7) at 1176 Nostrand in Prospect Lefferts Gardens, Brooklyn.
The deal closed on May 15, 2023 and was recorded on May 31, 2023. The property has 6,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $393 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 Scott Kalb was Scott Kalb. The signatory for Abraham Gelbstein was Abraham Gelbstein.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Abraham Gelbstein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Scott Kalb had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Paul Goodman, head officer and Michelle Gonzalez, site manager. The business entity is CK 1176 Realty LLC. The 6,400-square-foot property generated revenue of $106,432 or $17 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 7 residential units in Prospect Lefferts Gardens has 6,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 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 $980,000.

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 43 housing violations and $1,250 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 block

On this tax block, PincusCo has identified the owners of four of the 24 commercial properties representing 36,631 square feet of the 131,729 square feet. The largest owner is Yaakov Geldzahler, followed by Lisa A. Hart and then Leonard Young.
On the tax block, there were two new building construction projects totaling 11,547 square feet. The largest is a seven-unit, 8,347 square-foot residential (R-2) building submitted by Joshua Dash with plans filed June 9, 2015 and permitted December 18, 2015. The second largest is a 10-unit, 3,200 square-foot residential (R-2) building submitted by Lex Lopez with plans filed November 24, 2021 and permitted November 29, 2022.

The majority, or 55 percent of the 131,729 square feet of built space are walkup buildings, with mixed-use buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Abraham Gelbstein owned at least one commercial property with eight residential units in New York City with 7,821 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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