Chaskel Landau pays $2.3M for mixed-use building in Bushwick

Chaskel Landau through the entity 143 Central LLC paid $2.3 million to Andrew Fritz Welch through the entity Pashquita LLC for three-unit mixed-use building at 143 Central Avenue in Bushwick, Brooklyn.
The deal closed on January 11, 2022 and was recorded on February 28, 2022.
The property has 4,750 square feet of built space and 3,325 square feet of additional air rights for a total buildable of 8,079 square feet according to PincusCo analysis of city data. The sale price per built square foot is $484 and the price per buildable square foot is $284 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 November 22, 2004, for $650,000.
The signatory for Andrew Fritz Welch was Philip J. Lavendar. The signatory for Chaskel Landau was Chaskel Landau.
Prior to this transaction, the buyer Chaskel Landau purchased one properties in one transactions for a total of $4.6 million and had not sold any properties over the past 24 months.
The seller Andrew Fritz Welch had not purchased any other properties and had not sold any properties over the same time period.
The 4,750-square-foot property generated revenue of $91,723 or $19 per square foot, according to the most recent income and expense figures.

One of the projects were to change the building from a COM to a R-3and change the number of residential units from 0 to 1 and were permitted on April 30, 2015.
Andrew Fritz Welch previously signed a mortgage for the property.
In Bushwick, the bulk, or 32 percent of the 51.4 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 29 percent of the space. In sales, Bushwick has 3.3 times the average sales volume among other neighborhoods with $910.2 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.2 times the average amount of major developments relative to other neighborhoods and is the 18th 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 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On the tax block, the majority, or 52 percent of the 170,130 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 32 percent of the space.
The former owners according to the Department of Housing Preservation and Development include Rachel Lowther, head officer and Fritz Welch, officer. The business entity was Pashquita Llc.
Within a 400-foot radius of 143 Central Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $35.2 million. The most recent of the two was Sarvenaz Keypour which borrowed $15.6 million from Starwood Capital Group secured by the 4,125-square-foot, five-unit mixed-use building (S4) on 159 Central Avenue and five other properties on December 21, 2021.

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