Alex Piroozian sells 5-unit walkup in Bedford Stuyvesant for $2.7M

Ahmadu Garba and Jordan Garba paid $2.7 million to Alex Piroozian through the entity Brooklyn NY Rehab Inc. for the five-unit residential walkup building (C2) at 222 Van Buren Street in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on October 21, 2024 and was recorded on October 31, 2024. The property has 2,280 square feet of built space and 1,520 square feet of additional air rights for a total buildable of 3,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,199 and the price per buildable square foot is $719 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 seller bought the property on May 18, 2022, for $815,000. The signatory for Alex Piroozian was Sunil K. Agarwal. The signatory for Ahmadu Garba and Jordan Garba was Ahmadu Garba and Jordan Garba. The contract date was August 15, 2024. Alex Piroozian also is a vice president at Washington Equity and Funding, a financing company.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ahmadu Garba had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alex Piroozian had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential walkup building with 5 residential units in Bedford Stuyvesant has 2,280 square feet of built space and 1,520 square feet of additional air rights for a total buildable of 3,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 1,900 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $300,000.

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 not received any significant violations 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 eight of the 12 commercial properties representing 57,093 square feet of the 57,093 square feet. The largest owner is Sharp Management, followed by Nasher Realty Associates and then Tomer Erlich.
On the tax block, there was one new building construction project filed totaling 11,550 square feet. It is a 10-unit, 11,550 square-foot residential (R-2) building submitted by Brian Hughes with plans filed September 20, 2022 and permitted July 26, 2023.

The majority, or 100 percent of the 57,093 square feet of built space are walkup buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Alex Piroozian owned at least three commercial properties with 39 residential units in New York City with 19,820 square feet and a city-determined market value of $5.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 88 percent of the built space, is in Manhattan, with Brooklyn next at 12 percent of the space.

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