Chaskel Landau pays $2.5M to Roxanne Betesh in Bushwick, owns adjacent buildings

Chaskel Landau through the entity 383 Knickerbocker LLC paid $2.5 million to Roxanne Betesh through the entity S. Betesh & Son, Inc. for two-unit mixed-use, corner building at 383 Knickerbocker Avenue in Bushwick, Brooklyn. Landau already owns the adjacent buildings, 373- 379 Knickerbocker Avenue.
The deal closed on April 4, 2022 and was recorded on May 6, 2022. The property has 4,590 square feet of built space and 1,606 square feet of additional air rights for a total buildable of 6,196 square feet according to PincusCo analysis of city data. The sale price per built square foot is $544 and the price per buildable square foot is $403 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 Roxanne Betesh was Jean L. Choy. The signatory for Chaskel Landau was Chaskel Landau. Members of the Betesh Family, including Roxanne Betesh, who signed on the previous mortgage are connected to this property.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Chaskel Landau purchased two properties in two transactions for a total of $6.9 million and has no record it sold any properties over the past 24 months.
The seller Roxanne Betesh had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joyce Betesh, head officer and Adam Arwas, site manager. The business entity is S Betesh & Son Inc. The 4,590-square-foot property generated revenue of $104,927 or $23 per square foot, according to the most recent income and expense figures.

The property

The 383 Knickerbocker parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,550 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $889,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two DOB violations, $1,250 in ECB penalties, and $2,960 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 $5 million on this tax lot.

The neighborhood

In Bushwick, the bulk, or 32 percent of the 51.4 million square feet of commercial 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.

The block

On this tax block, PincusCo has identified the owners of 25 of the 49 commercial properties representing 136,922 square feet of the 254,437 square feet. The largest owner is Chaskel Landau, followed by RiseBoro Community Partnership and then Pouya Toobian. There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 263,662 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

Surrounding

Within a 400-foot radius of 383 Knickerbocker, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $1.5 million and one permit with a total initial cost of $1.8 million. The most recent of these three items was the filing on April 18, 2022 for a 7,413-square-foot R-2 building with six residential units at 412 Knickerbocker Avenue.
Of those six items, three were loans above $5 million totaling $32.2 million. The most recent of the three was Chaskel Landau which borrowed $9.7 million from Broadview Capital secured by the 4,900-square-foot, mixed-use building (K4) on 379 Knickerbocker Avenue and two other properties on May 5, 2022.

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