Ben-Josef Group Holdings pays $20M for 28-unit building in Boerum Hill

Ben-Josef Group Holdings through the entity 82 Fourth Development LLC paid $20 million to Abraham Posner through the entity Boerum Hill 82 LLC for the 28-unit building at 82 4th Avenue in Boerum Hill, Brooklyn.
The deal closed on June 19, 2024 and was recorded on July 10, 2024. The property has 19,841 square feet of built space according to a PincusCo analysis of city data. The price per built square foot is $1,003 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 December 30, 2020, for $2.6 million. The signatory for Abraham Posner was attorney Boris Saks. The signatory for Ben-Josef Group Holdings was attorney Asaf Dror. The contract date was March 19, 2024. Abraham Posner filed the development plans.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ben-Josef Group Holdings purchased four properties in four transactions for a total of $42.3 million and has no record it sold any properties over the past 24 months.
The seller Abraham Posner had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 40 feet and is 82 feet deep with a total lot size of 3,312 square feet. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $606,000. The most recent loan totaled $13.1 million and was provided by Popular Bank on July 28, 2022.

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 one housing violation and $100 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 Boerum Hill, The bulk, or 32 percent of the 9 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space. In sales, Boerum Hill has 1.3 times the average sales volume among other neighborhoods with $353.3 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Boerum Hill has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 14 of the 20 commercial properties representing 163,314 square feet of the 182,494 square feet. The largest owner is Steve Makowski, followed by Marcelo Torchio and then Maksim Krivitski.
On the tax block, there was one new building construction project filed totaling 7,487 square feet. It is a seven-unit, 7,487 square-foot residential (R-2) building submitted by Sharif Khwaja with plans filed June 8, 2018 and permitted July 25, 2019.

The majority, or 48 percent of the 182,494 square feet of built space are elevator buildings, with walkup buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Abraham Posner owned at least six commercial properties with 68 residential units in New York City with 85,385 square feet and a city-determined market value of $11 million. (Market value is typically about 50% of actual value.) The portfolio has $55.3 million in debt, with top three lenders as Ponce Bank, Popular Bank, and TD Bank respectively. Within the portfolio, the bulk, or 50 percent of the 85,385 square feet of built space are elevator properties, with hotel properties next occupying 31 percent of the space. The bulk, or 94 percent of the built space, is in Brooklyn, with Queens next at 6 percent of the space.

The buyer

The PincusCo database currently indicates that Ben-Josef Group Holdings owned at least two commercial properties with 43 residential units in New York City with 40,329 square feet and a city-determined market value of $9.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 84 percent of the 40,329 square feet of built space are elevator properties, with M1 properties next occupying 16 percent of the space. The bulk, or 84 percent of the built space, is in Brooklyn, with Manhattan next at 16 percent of the space.

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