Alfred Basal pays $2.3M to Bluejay Management for 38-unit walkup in East Flatbush, was $6.49M in 2019

Alfred Basal through the entity Clarendon Plaza LLC acquired from Bluejay Management’ entity 2802 Clarendon Partners LLC through a $2.3 million short sale, the 38-unit residential walkup building (C1) at 2802 Clarendon Road in East Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on August 14, 2025 and was recorded on August 29, 2025. The property has 32,800 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $70 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 15, 2019, for $6.49 million. The signatory for Bluejay Management was Yerachmeal Jacobson . The signatory for Alfred Basal was Alfred Basal. The contract date was March 7, 2025. Alfred Basal’s Plaza Homes Funding bought the debt from Flagstar Bank, which was $3.08 million in 2019, a day before Basal closed on the purchase of the company.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Alfred Basal purchased one property in one transaction for a total of $1.7 million and has no record it sold any properties over the past 24 months.
The seller Bluejay Management purchased two properties in two transactions for a total of $17.5 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Julio Rivera, head officer. The business entity is 2802 Claendon Partners Llc. The 32,800-square-foot property generated revenue of $461,421 or $14 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 38 residential units in East Flatbush has 32,800 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 million. Fourleaf Federal Credit Union on April 29, 2025 bought a loan with an original principal of from signed by Yerachmeal Jacobson, secured by 2802 Clarendon Road, when owned by Bluejay Management. The property has 38 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 $1,250 in ECB penalties, 237 housing violations, and $4,660 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 three of the five commercial properties representing 104,832 square feet of the 114,962 square feet. The largest owner is Abro Management, followed by Julio Rivera and then Hsk Capital Group.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 114,962 square feet of built space are elevator buildings, with walkup buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Bluejay Management owned at least four commercial properties with 230 residential units in New York City with 214,263 square feet and a city-determined market value of $27 million. (Market value is typically about 50% of actual value.) The portfolio has $64.2 million in debt, borrowed from Cross River Bank and Popular Bank. Within the portfolio, the bulk, or 89 percent of the 214,263 square feet of built space are elevator properties, with office properties next occupying 6 percent of the space. The bulk, or 94 percent of the built space, is in Brooklyn, with Manhattan next at 6 percent of the space.

The buyer

The PincusCo database currently indicates that Alfred Basal owned at least five commercial properties with 44 residential units in New York City with 36,662 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 82 percent of the 36,662 square feet of built space are walkup properties, with industrial properties next occupying 18 percent of the space. The bulk, or 69 percent of the built space, is in Queens, with Brooklyn next at 18 percent of the space.

Direct link to Acris document. link