Citi Builders NY pays $7.5M for dev site in Clinton Hill with 39 units planned

Citi Builders NY through the entity 450 Grand Avenue Owner LLC paid $7.5 million to Mohammad Widdi through the entity 450 Grand Ave. Realty, LLC for the development site at 450 Grand Avenue in Clinton Hill, Brooklyn. At the same time, Citi Builders obtained a $29 million construction loan from SME Capital Ventures.
The deal closed on November 17, 2021 and was recorded on December 1, 2021.
(B00580210) Citi Builders NY filed plans for a 39-unit, 58,893 square-foot R-2 were filed on September 15, 2021, yielding a price per development of $127.
The existing property has 10,075 square feet of built space and 25,920 square feet of additional air rights for a total buildable of 36,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $744 and the price per buildable square foot is $208 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 Mohammad Widdi was Jason Herzkowitz. The signatory for Citi Builders NY was Chana Leah Balkany.

Chana Leah Balkany is a real estate developer who formerly worked at Happy Living. The contract date was March 25, 2021.

Within a 400-foot radius of 450 Grand Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on November 5, 2020 for a 50,874-square-foot R-2 building with 50 residential units at 108 Downing Street.
Of those four items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on February 9, 2021 for the $264,120.0 renovation of 3,166-square-foot B building with no residential units at 18 Putnam Avenue.
One of those four items was a sale which Saint Bernatius LLC bought the 14,284-square-foot, 17-unit rental (C1) on 82 Downing Street for $5.2 million from Glenn Yurgel on August 9, 2021.
One of those four items was a loan which KD Sagamore Capital borrowed $37 million from Slate Property Group secured by the industrial (G7) parcel on 982 Fulton Street on October 8, 2021.

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