Alley Property pays $4.8M for retail building in Borough Park

Alley Property Group through the entity 4501 New Utrecht Avenue LLC paid $4.8 million to Sarah Kessler through the entity First Realty Gardens LLC for the retail building (K1) at 4501 New Utrecht Avenue in Borough Park, Brooklyn.
The deal closed on November 24, 2021 and was recorded on December 30, 2021.
The property has 4,000 square feet of built space and 9,657 square feet of additional air rights for a total buildable of 13,644 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,200 and the price per buildable square foot is $351 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 29, 2014, for $1.6 million.
The signatory for Sarah Kessler was Sarah Kessler. The signatory for Alley Property Group was Avrohom Schlaff.

Avrohom Shlaff is the founder of Alley Property Group.

Within a 400-foot radius of 4501 New Utrecht Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were two permit applications with a total initial cost of $526,000 and one permit with a total initial cost of $720,000. The most recent of these three items was the permit on May 14, 2021 for a 9,248-square-foot A-1 building with one residential units at 4509 New Utrecht Avenue.

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