Benjamin Schapiro pays $5.2M for industrial in East Flatbush

Benjamin J. Schapiro through the entity Assist Holding LLC paid $5.2 million to Irwin Rosen through the entity Rosen Farragut LLC for the industrial building (E1) at 4420 Farragut Road in East Flatbush, Brooklyn.
The deal closed on May 19, 2023 and was recorded on May 24, 2023. The property has 7,484 square feet of built space and 18,460 square feet of additional air rights for a total buildable of 26,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $694 and the price per buildable square foot is $200 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 Irwin Rosen was Irwin Rosen. The signatory for Benjamin J. Schapiro was Benjamin J. Schapiro.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Benjamin J. Schapiro had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Irwin Rosen had not purchased any other properties and had not sold any properties over the same time period. The 7,484-square-foot property generated revenue of $53,034 or $7 per square foot, according to the most recent income and expense figures.

The property

The industrial building in East Flatbush has 7,484 square feet of built space and 18,460 square feet of additional air rights for a total buildable of 26,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 260 feet deep with a total lot size of 26,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $720,000.

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 not received any significant violations in the last year.

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 5,484 square feet. The largest is a new building project for a 2,742 square-foot S-2 building submitted by Gary Rosen with plans filed October 16, 2018 and it has not been permitted yet. The second largest is a new building project for a 2,742 square-foot S-2 building submitted by Gary Rosen with plans filed October 16, 2018 and it has not been permitted yet.

The neighborhood

In East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $281.7 million in sales volume in the last two years. For development, East Flatbush has 2.2 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 7,600 square feet of the 45,724 square feet. The identified owner is Free Haitian Methodist Church.
On the tax block, there were four new building construction projects totaling 10,968 square feet. The largest is a 2,742 square-foot storage (S-2) building submitted by Gary Rosen with plans filed October 16, 2018 and it has not been permitted yet. The second largest is a 2,742 square-foot storage (S-2) building submitted by Gary Rosen with plans filed October 16, 2018 and it has not been permitted yet.

The majority, or 100 percent of the 45,724 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

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