Churches United For Fair Housing pays $6.5M for mixed-use in Bushwick

Churches United For Fair Housing through the entity Churches United For Fair Housing, Inc. paid $6.5 million to Solomon Schiff through the entity Kochav Equities, LLC for the mixed-use building (K4) at 276 Starr Street in Bushwick, Brooklyn.
The deal closed on January 26, 2024 and was recorded on February 1, 2024. The property has 13,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $481 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 Solomon Schiff was Solomon Schiff. The signatory for Churches United For Fair Housing was Rob Solano. The contract date was November 29, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Churches United For Fair Housing had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Solomon Schiff had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Bushwick has 13,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. 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 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 neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2.1 times the average sales volume among other neighborhoods with $645.9 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Bushwick has near average amount of major developments among other neighborhoods and is the 15th 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 3 percent of the neighborhood’s built space. There were four 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 two of the 13 commercial properties representing 43,570 square feet of the 149,126 square feet. The two identified owners are Morty Yashar and Joel Schwartz.
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 149,126 square feet of built space are industrial buildings, with walkup buildings next occupying 26 percent of the space.

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