Abraham Sharabi pays $3M for Midwood dev site

Abraham Sharabi of The Brooklyn Laundry Company using the entity AS Flatbush Ave LLC paid $3 million to the Bridge Multicultural & Advocacy Project through the entity CBP of Brooklyn, Inc. for the four-parcel development site at 1870-1884 Flatbush Avenue in Midwood, Brooklyn.

The signatory for the Bridge Multicultural & Advocacy Project, also known as The Bridge MCP, is Mark Meyer Appel, executive director of Bridge MCP. The signatory for the buyer was Abraham Sharabi.

The sale closed on August 3, 2023 and was recorded on August 7, 2023. The contract date was November 2, 2022. The property has 22,000 square feet of development rights with community facility, yielding a sale price per developable square foot of $136 per the PincusCo analysis.

The site was marketed for sale by Geo Real Estate Group, according to a listing. The property has 220 feet of frontage along Flatbush Avenue, with a combined lot area of 10,998 square feet. In addition, according to the listing, “Special zoning regulations for the site allow for 1.65 FAR resulting in approximately 18,150 sq ft as-of-right. However, development plans that include the use of a community facility increase the FAR to 2.0 and result in approximately 22,000 sq ft buildable.”

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