Congregation Beis Shulim pays $1.6M to Yoel Goldman affiliate for religious building in Borough Park
4404 14th Avenue (Credit - Google)
Congregation Beis Shulim paid $1.6 million to a Yoel Goldman affiliate through the entity Kent Village LLC for the specialty building (W2) at 4404 14th Avenue in Borough Park, Brooklyn.
The deal closed on August 14, 2022 and was recorded on September 16, 2022. The property has 3,000 square feet of built space and 1,368 square feet of additional air rights for a total buildable of 4,374 square feet according to PincusCo analysis of city data. The sale price per built square foot is $543 and the price per buildable square foot is $372 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 17, 2014, for $870,000. The signatory for Yoel Goldman was Harold Friedman. The signatory for Congregation Beis Shulim was Tzvi Friedman.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Congregation Beis Shulim had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yoel Goldman had not purchased any other properties and sold five properties in two transactions for a total of $15.6 million over the same time period.
The property
The 4404 14th Avenue parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,800 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $240,000.
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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 Borough Park, the bulk, or 23 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has had very little sales volume relative to other neighborhoods with $237 million in sales volume in the last two years. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 17th 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 5 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the 30 commercial properties representing 14,850 square feet of the 163,862 square feet. The largest owner is Sai Hung Lam, followed by Jack Woo and then Mordechai Cohen.
There are no active new building construction projects on this tax block.
The majority, or 49 percent of the 163,862 square feet of built space are mixed-use buildings, with walkup buildings next occupying 37 percent of the space.
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