Azerbaijani Jewish congregation pays $2.5M for one-story commercial in Sheepshead Bay

The New York City Azerbaijani Jewish congregation, Beit Juhuro, paid $2.5 million to Oleg Bezenchuk through the entity 2320 Avenue U, LLC for the single-story office building (O7) at 2320 Avenue U in Sheepshead Bay, Brooklyn.
The deal closed on August 30, 2024 and was recorded on September 10, 2024. The property has 5,040 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $496 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.)

Isay Ildatov, co-founder and president of Beit Juhuro, signed for the congregation. The community is made of members of the Gorsky Jewish community, from Azerbaijan, who are also known as the Mountain Jews, and speak a Persian-affiliated language. The word Juhuro means Jewish, in the Judeo-Tat or Juhuri, language

The property

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 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 $571,000.

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 $875 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 Sheepshead Bay, The bulk, or 44 percent of the 26.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 2.1 times the average sales volume among other neighborhoods with $555.1 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 808,115 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. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block, there was one new building construction project filed totaling 7,841 square feet. It is a 7,841 square-foot commercial building submitted by 2312 Holdings Llc and filed by 2312 Holdings Llc with plans filed August 22, 2023 and permitted May 23, 2024.

The majority, or 44 percent of the 19,362 square feet of built space are mixed-use buildings, with retail buildings next occupying 30 percent of the space.

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