Congregation Meor Hatfilah pays $1.7M for mixed-use in Borough Park

Congregation Meor Hatfilah paid $1.7 million to Salvatore Lo Faso for the mixed-use building (S1) at 5916 20th Avenue in Borough Park, Brooklyn.
The deal closed on May 5, 2023 and was recorded on May 16, 2023. The property has 2,480 square feet of built space and 20 square feet of additional air rights for a total buildable of 2,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $677 and the price per buildable square foot is $672 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 Salvatore Lo Faso was Salvatore Lo Faso. The signatory for Congregation Meor Hatfilah was Jacob Friedman.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Congregation Meor Hatfilah had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Salvatore Lo Faso had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Borough Park has 2,480 square feet of built space and 20 square feet of additional air rights for a total buildable of 2,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 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 $1.2 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 14, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 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 1.2 times the average sales volume among other neighborhoods with $414.2 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 807,686 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

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

The majority, or 63 percent of the 21,908 square feet of built space are mixed-use buildings, with walkup buildings next occupying 37 percent of the space.

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