Alon and Eden Ashourzadeh pay $2.6M for 4-family in Prospect Heights

Alon Ashourzadeh and Eden Ashourzadeh through the entity 621 Vanderbilt LLC paid $2.6 million to James Parker, Carnell Parker, and Velma Parker for the four-unit building (C3) at 621 Vanderbilt Avenue in Prospect Heights, Brooklyn.
The deal closed on May 13, 2024 and was recorded on May 23, 2024. The property has 4,000 square feet of built space and 2,372 square feet of additional air rights for a total buildable of 6,368 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $650 and the price per buildable square foot is $408 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 James Parker, Carnell Parker, and Velma Parker was James Parker, Carnell Parker, and Velma Parker. The signatory for Alon Ashourzadeh and Eden Ashourzadeh was Alon Ashourzadeh and Eden Ashourzadeh. The contract date was February 19, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Alon Ashourzadeh purchased four properties in four transactions for a total of $7.8 million and sold three properties in three transactions for a total of $15.4 million over the past 24 months.
The seller James Parker 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 James Parker and Velma Parker, head officer and Velma Parker, officer. The 4,000-square-foot property generated revenue of $101,240 or $25 per square foot, according to the most recent income and expense figures.

The property

The building with 4 residential units in Prospect Heights has 4,000 square feet of built space and 2,372 square feet of additional air rights for a total buildable of 6,368 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 80 feet deep with a total lot size of 1,592 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Prospect Heights Historic District. The city-designated market value for the property in 2022 is $1.3 million.

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 41 housing violations and $300 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 six of the 16 commercial properties representing 261,970 square feet of the 313,798 square feet. The largest owner is Yair Yaish, followed by Nyc Department Of Education and then Luria Academy Of Brooklyn.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 313,798 square feet of built space are specialty buildings, with mixed-use buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that Alon Ashourzadeh owned at least 15 commercial properties with 67 residential units in New York City with 88,365 square feet and a city-determined market value of $21.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 30 percent of the 88,365 square feet of built space are mixed-use properties, with walkup properties next occupying 21 percent of the space. The bulk, or 56 percent of the built space, is in Brooklyn, with Bronx next at 31 percent of the space.
The PincusCo database currently indicates that Eden Ashourzadeh owned at least seven commercial properties with 37 residential units in New York City with 33,655 square feet and a city-determined market value of $9.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 73 percent of the 33,655 square feet of built space are walkup properties, with mixed-use properties next occupying 19 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link