Anshel Niederman pays $2.5M for 16-unit walkup in Borough Park

Anshel Niederman through the entity 1171-1175 Realty Group LLC paid $2.5 million to Isaac Katz through the entity 1171 60th St., Inc. for the 16-unit residential walkup building (C1) at 1175 60th Street in Borough Park, Brooklyn.
The deal closed on September 11, 2023 and was recorded on September 19, 2023. The property has 13,884 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $183 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 Isaac Katz was Isaac Katz. The signatory for Anshel Niederman was Anshel Niederman, who is also the owner of nursing homes, according to Nursinghomedatabase.com. The contract date was August 10, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Anshel Niederman had purchased any other properties and has no record he sold any properties over the past 24 months.
The seller Isaac Katz purchased three properties in three transactions for a total of $20.9 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Isaac Katz, head officer and Aaron Katz, officer. The business entity is 1171 60th Street Inc.

The property

The residential walkup building with 16 residential units in Borough Park has 13,884 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $875,000.

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 received $75 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 16 commercial properties representing 5,680 square feet of the 52,688 square feet. The largest owner is Yeshiva Ketane Imrei Chaim Viznitz Of Boro Park, followed by Tsun Suen Wong and then City Of New York.
On the tax block, there was one new building construction project filed totaling 4,000 square feet. It is a 4,000 square-foot industrial (F-2) building submitted by Vincent Huang with plans filed November 11, 2020 and it has not been permitted yet.

The majority, or 36 percent of the 52,688 square feet of built space are industrial buildings, with mixed-use buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Isaac Katz owned at least 22 commercial properties with 588 residential units in New York City with 523,015 square feet and a city-determined market value of $40.2 million. (Market value is typically about 50% of actual value.) The portfolio has $57.1 million in debt, with top three lenders as New York Community Bank, Signature Bank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 66 percent of the 523,015 square feet of built space are elevator properties, with walkup properties next occupying 34 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Bronx next at 25 percent of the space.

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