Aron Schwartz pays $6.2M for dev site in Cypress Hills

81 New Jersey Avenue, 2667 Fulton Street (Credit - Cyclomedia)

81 New Jersey Avenue, 2667 Fulton Street (Credit - Cyclomedia)

Aron Schwartz through the entity 2667 Fulton LLC paid $6.2 million to Abdul J. Awan for the adjacent vacant parcels at 81 New Jersey Avenue and 2667 Fulton Street in Cypress Hills, Brooklyn.
On these lots, there is one active new building construction project for a six-unit, 1,248 square-foot R-2 building. The project was submitted by Aron Schwartz with plans filed March 16, 2022 and permitted June 2, 2022.
The deal closed on November 1, 2023 and was recorded on November 13, 2023. The two properties have zero square feet of built space and 48,995 square feet of additional air rights for a total buildable of 48,995 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $126 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 Abdul J. Awan was Abdul J. Awan. The signatory for Aron Schwartz was Aron Schwartz. The contract date was March 9, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aron Schwartz had purchased any other properties and sold three properties in one transaction for a total of $4 million over the past 24 months.
The seller Abdul J. Awan had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 100 feet and is 120 feet deep with a total lot size of 11,999 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $515,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The neighborhood

In Cypress Hills, The bulk, or 24 percent of the 8.6 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 20 percent of the space. In sales, Cypress Hills has had very little sales volume relative to other neighborhoods with $98.1 million in sales volume in the last two years. For development, Cypress Hills has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 968,233 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On the tax block of 81 New Jersey Avenue, PincusCo has identified the owners of four of the 18 commercial properties representing 12,843 square feet of the 45,756 square feet. The identified owner is Yuzef Muladzhanov.
On the tax block, there was one new building construction project filed totaling 1,248 square feet. It is a six-unit, 1,248 square-foot residential (R-2) building submitted by Aron Schwartz with plans filed March 16, 2022 and permitted June 2, 2022.

The majority, or 60 percent of the 45,756 square feet of built space are mixed-use buildings, with industrial buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Aron Schwartz owned at least five commercial properties with 50 residential units in New York City with 12,279 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) The portfolio has $16 million in debt, borrowed from Ponce Bank. Within the portfolio, the bulk, or 46 percent of the 12,279 square feet of built space are walkup properties, with development properties next occupying 23 percent of the space. They are all located in Brooklyn.

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