Ashraf Palwala of Five Boro Property pays $3.6M to Jacob Hager for 35-unit walkup in Flatbush

Ashraf Palwala of Five Boro Property Management through the entity 2011 Newkirk Avenue LLC paid $3.6 million to Jacob Hager through the entity 2011 Newkirk Equities LLC for the 35-unit residential walkup building (C1) at 2011 Newkirk Avenue in Flatbush, Brooklyn.
The deal closed on May 16, 2024 and was recorded on May 20, 2024. The property has 34,300 square feet of built space and 13,678 square feet of additional air rights for a total buildable of 47,996 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $104 and the price per buildable square foot is $75 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 February 28, 2013, for $4.5 million. The signatory for Jacob Hager was Jacob Hager. The signatory for Five Boro Property Management was Ashraf Palwala. The contract date was March 14, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Five Boro Property Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The former owners according to the Department of Housing Preservation and Development includes Jacob Hager, head officer and Naftali Hager, officer. The business entity is 2011 Newkirk Equities Llc.

The property

The residential walkup building with 35 residential units in Flatbush has 34,300 square feet of built space and 13,678 square feet of additional air rights for a total buildable of 47,996 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 120 feet deep with a total lot size of 11,999 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 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 nine 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 10 of the 11 commercial properties representing 306,059 square feet of the 330,245 square feet. The largest owner is Vincent Locascio, followed by Thomas Forde and then Nandor Moskovits.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 330,245 square feet of built space are elevator buildings, with walkup buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Jacob Hager owned at least 42 commercial properties with 1,260 residential units in New York City with 1,138,091 square feet and a city-determined market value of $102.6 million. (Market value is typically about 50% of actual value.) The portfolio has $37.1 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Capital One respectively. Within the portfolio, the bulk, or 60 percent of the 1,138,091 square feet of built space are walkup properties, with elevator properties next occupying 40 percent of the space. They are all located in Brooklyn.

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