Brooklyn Cooperative FCU pays $2.8M to Nadav Hamo for retail condo in Bushwick

Brooklyn Cooperative Federal Credit Union through the entity Brooklyn Cooperative Federal Credit Union paid $2.8 million to Nadav Hamo through the entity 1310 Myrtle LLC for the retail condominium unit C-1 at 1308 Myrtle Avenue in Bushwick, Brooklyn. The expected use is owner-occupied. The unit has 4,424 square feet on the ground floor and 2,560 square feet on the lower level.
The deal closed on December 3, 2024 and was recorded on December 24, 2024. The property has 6,984 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $405 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 Nadav Hamo was Jason Nazinitsky. The signatory for Brooklyn Cooperative Federal Credit Union was Samira Rajan. The contract date was September 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Brooklyn Cooperative Federal Credit Union had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nadav Hamo had not purchased any other properties and had not sold any properties over the same time period.

The property

PincusCo cannot determine the lot area of the 1308 Myrtle Avenue parcel at this time.

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

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 three of the seven commercial properties representing 26,761 square feet of the 42,567 square feet. The largest owner is Moses Pollak, followed by Mayer Brach and then Urban View Development Group.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 42,567 square feet of built space are walkup buildings, with retail buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Nadav Hamo owned at least one commercial property in New York City with 8,400 square feet and a city-determined market value of $636,000. (Market value is typically about 50% of actual value.) The portfolio has $10.2 million in debt, borrowed from Genesis Capital. The portfolio consists of at least a single M1 property. It is located in Brooklyn.

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