Affiliate of Frontgate Management pays $6M to Tobias Strulovitch for property in Bedford-Stuyvesant

An affiliate of Rubin Equities’ Frontgate Management through the entity 1217 Bedford Realty LLC paid Tobias Strulovitch’s 1217 Bedford LLC $6.3 million for 1217 Bedford Avenue in Bedford-Stuyvesant. The deal closed on September 19, 2019, and was recorded on November 12, 2019. The transaction consists of 1 parcel, including the tax class health center, child center, clinic (I5). The property is 14,760 square feet. The parcel(s) have total development potential of 15,926 square feet.
The average sale price per square foot is $392.
The estimated cap rate is 3.8%
The last time the property sold was June 11, 2015, for $6,250,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $524,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link