Associated Beth Rivka School for Girls pays $6.2M for 10-unit rental in East Flatbush
Associated Beth Rivka School for Girls paid $6.2 million to Sholom Goldstein through the entity 474 East NYA LLC for the 10-unit residential elevator building (D6) at 474 East New York Avenue in East Flatbush, Brooklyn.
The deal closed on July 6, 2023 and was recorded on July 12, 2023. The property has 7,633 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $812 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, 2022, for $5 million. The signatory for Sholom Goldstein was Sholom Goldstein. The signatory for Associated Beth Rivka School for Girls was Yitzchak Orimland.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Associated Beth Rivka School for Girls had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sholom Goldstein purchased one property in one transaction for a total of $5 million and had not sold any properties over the same time period.
The property
The residential elevator building with 10 residential units in East Flatbush has 7,633 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 million. The most recent loan totaled 0.0 and was provided by NRP Mortgage Trust I on April 29, 2021.
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 $555 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on March 8, 2023. 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 five of the 16 commercial properties representing 24,980 square feet of the 93,975 square feet. The largest owner is Yosef Emergi, followed by Oren Neria and then Fraidy Sofer.
There are no active new building construction projects on this tax block.
The majority, or 56 percent of the 93,975 square feet of built space are elevator buildings, with walkup buildings next occupying 36 percent of the space.
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