Congregation Lubavitch of East Flatbush pays $1.1M for 6-unit walkup in East Flatbush

Congregation Lubavitch of East Flatbush paid $1.1 million to Yvonne Hamilton for the six-unit residential walkup building (C2) at 904 Albany Avenue in East Flatbush, Brooklyn.
The deal closed on February 10, 2023 and was recorded on February 14, 2023. The property has 6,360 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $172 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 Yvonne Hamilton was Yvonne Hamilton. The signatory for Congregation Lubavitch of East Flatbush was Yehoshua Rivkin.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Congregation Lubavitch of East Flatbush had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yvonne Hamilton had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Yvonne Hamilton, individual owner and Mark Desouza, agent. The business entity is New Hope Properties Llc. The 6,360-square-foot property generated revenue of $104,495 or $16 per square foot, according to the most recent income and expense figures.

The property

The 904 Albany Avenue parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 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 $593,000.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1.1 million money judgment concerning a contract filed on January 3, 2023, by Congregation Lubavitch Of East Flatbush against Yvonne Hamilton. In addition, according to city public data, the property has received 24 housing 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 block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 1,840 square feet of the 34,652 square feet. The identified owner is Albert Hutchinson.
There are no active new building construction projects on this tax block.

The majority, or 34 percent of the 34,652 square feet of built space are specialty buildings, with mixed-use buildings next occupying 31 percent of the space.

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