Congregation Chemdas Yisroel pays $1.5M to family of Simcha Felder, for dev site in Borough Park

Congregation Chemdas Yisroel paid $1.5 million to the family of State Senator Simcha Felder, through a trust, for two-unit mixed-use building (S2) at 4901 18th Avenue in Borough Park, Brooklyn. The congregation plans to develop a religious building on the site, according to information at the development site.
The deal closed on January 11, 2023 and was recorded on January 20, 2023. The property has 3,480 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $431 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 building was owned by the family of state senator Simcha Felder, who is the son of the late Chaya Felder who died in September 2022, and Tzvi Mordechai Felder, who died in 2009.

The signatories for the seller were Simcha Felder and his sister Bina Cunin.

The property

The 4901 18th Avenue parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,458 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 million.

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 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 $5 million on this tax lot.

The neighborhood

In Borough Park, the bulk, or 24 percent of the 23.1 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 near average sales volume among other neighborhoods with $336.6 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 18th highest in Brooklyn. It had 991,989 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 41,480 square feet of built space are walkup buildings, with mixed-use buildings next occupying 25 percent of the space.

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