Amerasia Bank pays $5.4M to Jackson Group, ACHS Management for retail in Bensonhurst

Amerasia Bank through the entity Amerasia Bank paid $5.4 million to Jackson Group and ACHS Management through the entity 2147 86 Street LLC for the retail building (K2) at 2147 86th Street in Bensonhurst, Brooklyn. The expected use is owner-occupied.
The deal closed on September 4, 2024 and was recorded on September 11, 2024. The property has 5,700 square feet of built space and 3,999 square feet of additional air rights for a total buildable of 9,717 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $947 and the price per buildable square foot is $555 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 August 18, 2021, for $4.2 million, at the time Gabriel Chehebar signed for the buying entity. The signatory for the Chehebar family’s Jackson Group and ACHS Management was Marcus Adjmi. The contract date was July 2, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Amerasia Bank had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jackson Group purchased nine properties in seven transactions for a total of $63.2 million and sold four properties in four transactions for a total of $28.1 million over the same time period.

The property

The retail building in Bensonhurst has 5,700 square feet of built space and 3,999 square feet of additional air rights for a total buildable of 9,717 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 3,999 square feet. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.4 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 $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 neighborhood

In Bensonhurst, The bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has 1.5 times the average sales volume among other neighborhoods with $388 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 434,193 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 26 commercial properties representing 38,985 square feet of the 144,055 square feet. The largest owner is Maverick Management, followed by Alex Adjmi and then Fabco Enterprises.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 144,055 square feet of built space are retail buildings, with mixed-use buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Achs Management owned at least 70 commercial properties with 127 residential units in New York City with 1,313,092 square feet and a city-determined market value of $396.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 1,313,092 square feet of built space are retail properties, with mixed-use properties next occupying 25 percent of the space. The bulk, or 35 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.
The PincusCo database currently indicates that Jackson Group owned at least nine commercial properties with 33 residential units in New York City with 249,206 square feet and a city-determined market value of $67.5 million. (Market value is typically about 50% of actual value.) The portfolio has $27.8 million in debt, borrowed from Signature Bank and Safra National Bank. Within the portfolio, the bulk, or 42 percent of the 249,206 square feet of built space are retail properties, with mixed-use properties next occupying 41 percent of the space. The bulk, or 49 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.

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