Benzion Zablotsky pays $2.4M for mixed-use in Borough Park

Benzion Zablotsky through the entity 5706 Realty Ny LLC paid $2.4 million to Anthony Pepe through the entity 5706 New Utrecht Avenue LLC for the six-unit mixed-use building (S5) at 5706 New Utrecht Avenue in Borough Park, Brooklyn.
The deal closed on January 7, 2025 and was recorded on January 28, 2025. The property has 9,600 square feet of built space and 2,400 square feet of additional air rights for a total buildable of 12,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $250 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 Anthony Pepe was Anthony Pepe. The signatory for Benzion Zablotsky was Benzion Zablotsky. The contract date was April 17, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Benzion Zablotsky had purchased any other properties and sold one property in one transaction for a total of $2.8 million over the past 24 months.
The seller Anthony Pepe had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Anthony Pepe, individual owner. The 9,600-square-foot property generated revenue of $171,456 or $18 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 6 residential units in Borough Park has 9,600 square feet of built space and 2,400 square feet of additional air rights for a total buildable of 12,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 9,600 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 million.

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 DOB violation, two housing violations, and $3,230 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 Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2.4 times the average sales volume among other neighborhoods with $651.4 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1.1 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 two of the 23 commercial properties representing 11,740 square feet of the 79,929 square feet. The two identified owners are David Preisler and Abraham Hecht.
On the tax block, there were two new building construction projects totaling 6,323 square feet. The largest is a 5,683 square-foot 56 building submitted by Prompt Builders and filed by Yona Slomiuc with plans filed January 23, 2023 and permitted March 21, 2024. The second largest is a 640 square-foot storage (S-2) building submitted by Richard Citron with plans filed April 16, 2019 and it has not been permitted yet.

The majority, or 64 percent of the 79,929 square feet of built space are mixed-use buildings, with walkup buildings next occupying 20 percent of the space.

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