Adeeb Abdo Saleh pays $2.1M for foreclosed 10-unit walkup in Bedford Stuyvesant

Adeeb Abdo Saleh through the entity Tower 729 Realty LLC paid $2.1 million for the 10-unit residential walkup building (C7) at 146 Ralph Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on September 11, 2023 and was recorded on October 16, 2023. The property has 9,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $217 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 the court was referee Michael Benjamin. The signatory for Adeeb Abdo Saleh was Adeeb Abdo Saleh. The contract date was July 20, 2023. This was a foreclosure auction for Brooklyn 525159/2021, alleging a default on a $1.1 million loan given in 2020. A Ronald J. Callender through the entity Lencal Realty Corp. acquired the property in 1993, and that was the entity that lost the property in foreclosure.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Adeeb Abdo Saleh had purchased any other properties and has no record it sold any properties over the past 24 months.
The former owners according to the Department of Housing Preservation and Development includes Lamarr Jones, head officer and Lynne Callender, officer. The business entity is Lencal Realty Corp.

The property

The residential walkup building with 10 residential units in Bedford Stuyvesant has 9,500 square feet of built space 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 R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 received four DOB violations, 11 housing violations, $400 in OATH penalties, and one housing litigation 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 14 of the 24 commercial properties representing 94,618 square feet of the 131,218 square feet. The largest owner is Oren Hakim, followed by Northeast Brooklyn Housing Development Corporation and then Nassar Retek.
There are no active new building construction projects on this tax block.

The majority, or 87 percent of the 131,218 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

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