Akiva Kurland pays $4.2M for 40-unit walkup in Flatbush
Akiva Kurland through the entity Hartland Ocean LLC paid $4.2 million to Brenda Elishis through the entity Ocean Avenue Associates LLC for the 40-unit residential walkup building (C1) at 540 Ocean Avenue in Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on November 4, 2024 and was recorded on November 20, 2024. The property has 46,452 square feet of built space and 33,364 square feet of additional air rights for a total buildable of 79,916 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $91 and the price per buildable square foot is $53 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 Brenda Elishis was Brenda Elishis. The signatory for Akiva Kurland was Akiva Kurland. The contract date was August 20, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Akiva Kurland had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Brenda Elishis 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 Brenda Elishis, head officer and Isser Elishis, officer. The business entities are Ocean Avenue Associates and Ocean Avenue Associates Llc.
The property
The residential walkup building with 40 residential units in Flatbush has 46,452 square feet of built space and 33,364 square feet of additional air rights for a total buildable of 79,916 square feet according to a PincusCo analysis of city data. The parcel has frontage of 140 feet and is 155 feet deep with a total lot size of 19,979 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 million. The property has 20 rent regulated units according to city tax records from 2023.
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 143 housing violations and $3,200 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 20 of the 33 commercial properties representing 885,177 square feet of the 978,091 square feet. The largest owner is Talpion Fund Management, followed by Larry Malitzky and then Stellar Management.
There are no active new building construction projects on this tax block.
The majority, or 84 percent of the 978,091 square feet of built space are elevator buildings, with walkup buildings next occupying 11 percent of the space.
The seller
The PincusCo database currently indicates that Brenda Elishis owned at least three commercial properties with 80 residential units in New York City with 90,552 square feet and a city-determined market value of $7.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 67 percent of the 90,552 square feet of built space are walkup properties, with elevator properties next occupying 33 percent of the space. They are all located in Brooklyn.
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