Balbir Singh pays $3.5M for 8-unit walkup in Bedford Stuyvesant

Balbir Singh through the entity 960 Myrtle Ave LLC paid $3.5 million to the entity Jack Paz, LLC for the eight-unit residential walkup building (C7) at 960 Myrtle Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on March 5, 2024 and was recorded on March 14, 2024. The property has 6,000 square feet of built space and 4,498 square feet of additional air rights for a total buildable of 10,495 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $591 and the price per buildable square foot is $338 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 the seller Yaakov Faizulov was Siamak Darouvar. The signatory for Balbir Singh was Balbir Singh. The contract date was March 8, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Balbir Singh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yaakov Faizulov had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Yaakov Fuzailor, head officer and Yaakov Fuzailov, agent. The business entities are Jack Paz Llc and Jack Paz Llc.

The property

The residential walkup building with 8 residential units in Bedford Stuyvesant has 6,000 square feet of built space and 4,498 square feet of additional air rights for a total buildable of 10,495 square feet 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 R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $695,000.

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 $937 in ECB penalties and $1,262 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 nine of the 22 commercial properties representing 69,923 square feet of the 85,256 square feet. The largest owner is Yehuda Kohn, followed by Yaakov Fuzailor and then Triumph Real Estate Management.
On the tax block, there were three new building construction projects totaling 12,763 square feet. The largest is a five-unit, 5,653 square-foot residential (R-2) building submitted by Mosad Aljahmi with plans filed June 28, 2019 and it has not been permitted yet. The second largest is a two-unit, 3,566 square-foot residential (R-3) building submitted by Bill Schneider with plans filed May 5, 2014 and it has not been permitted yet.

The majority, or 41 percent of the 85,256 square feet of built space are walkup buildings, with specialty buildings next occupying 33 percent of the space.

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