Chananya Bineth pays $3.8M for dev site in Brownsville

Chananya Bineth through the entity 1663 Eny LLC paid $3.8 million to Arsen Yakubov through the entity Like Minded People LLC for a six-parcel development site including the development parcel (V1) at 1655 East New York Avenue in Brownsville, Brooklyn.
At the same time, Chananya Bineth through the entity 1663 Eny LLC as borrower signed a new construction loan with lender Cross River Bank valued at $11 million.

On these lots, there is one active new building construction project for a 42-unit, 32,255 square-foot R-2 building. The project was submitted by Alex Yakobov and filed by Alex Yakobov with plans filed December 12, 2017 and it has not been permitted yet.
The deal closed on July 18, 2023 and was recorded on August 1, 2023. The six properties have zero square feet of built space and 29,404 square feet of additional air rights for a total buildable of 29,404 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $127 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 Arsen Yakubov was Arsen Yakubov. The signatory for Chananya Bineth was Chananya Bineth. The contract date was August 3, 2022.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1655 East New York Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Chananya Bineth purchased one property in one transactions for a total of $1.3 million and has no record it sold any properties over the past 24 months.
The seller Arsen Yakubov had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 20 feet and is 75 feet deep with a total lot size of 1,444 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $105,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,280 in ECB penalties and $1,280 in OATH penalties in the last year.

The neighborhood

In Brownsville, The bulk, or 46 percent of the 28.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has had very little sales volume relative to other neighborhoods with $111.7 million in sales volume in the last two years. For development, Brownsville has had very little major development activity relative to other neighborhoods.It had 861,776 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 1655 East New York Avenue, PincusCo has identified the owners of one of the 23 commercial properties representing 37,466 square feet of the 69,128 square feet. The identified owner is Cheskel Schwimmer.
On the tax block, there was one new building construction project filed totaling 32,255 square feet. It is a 42-unit, 32,255 square-foot residential (R-2) building submitted by Alex Yakobov and filed by Alex Yakobov with plans filed December 12, 2017 and it has not been permitted yet.

The majority, or 54 percent of the 69,128 square feet of built space are elevator buildings, with mixed-use buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Chananya Bineth owned at least one commercial property in New York City with 4,800 square feet and a city-determined market value of $352,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

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