Claudiu Fatu pays $3.8M for 10-unit walkup in East New York

Claudiu Fatu through the entity Fourteen Astoria LLC paid $3.8 million to Tamer Tamer and Salvatore D. Mendolia through the entity 449 Liberty LLC for the 10-unit residential walkup building (C7) at 449 Liberty Avenue in East New York, Brooklyn.
The deal closed on September 1, 2023 and was recorded on September 12, 2023. The property has 7,844 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $484 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 July 3, 2019, for $375,000. The signatory for Tamer Tamer and Salvatore D. Mendolia was Tamer Tamer and Salvatore D. Mendolia. The signatory for Claudiu Fatu was Claudiu Fatu. The contract date was September 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Claudiu Fatu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Tamer Tamer had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential walkup building with 10 residential units in East New York has 7,844 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is M1-4/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 received $250 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 18, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 19 commercial properties representing 11,750 square feet of the 63,876 square feet. The largest owner is Naraine Ramesh, followed by Abraham Jacobowitz and then Abe Jacobs.
On the tax block, there were three new building construction projects totaling 23,757 square feet. The largest is a six-unit, 11,834 square-foot residential (R-2) building submitted by Michael Rosenberg with plans filed May 17, 2022 and it has not been permitted yet. The second largest is a 10-unit, 6,952 square-foot residential (R-2) building submitted by Guy Shor with plans filed September 20, 2019 and it has not been permitted yet.

The majority, or 48 percent of the 63,876 square feet of built space are walkup buildings, with mixed-use buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Tamer Tamer owned at least one commercial property with six residential units in New York City with 5,600 square feet and a city-determined market value of $900,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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