Crowdfunder Bricksave pays $3.2M for six-unit walkup in Bushwick, first NYC purchase

The London-based crowdfunding platform Bricksave through the entity Bricksave250 LLC paid $3.2 million to Jacob Zicherman through the entity 1329 Hancock LLC for the six-unit residential walkup building (C2) at 1329 Hancock Street in Bushwick, Brooklyn. This is the firm’s first purchase in New York City according to a PincusCo analysis of city records.
The deal closed on May 2, 2024 and was recorded on May 10, 2024. The contract date was May 2, 2024.  The property has 5,250 square feet of built space and 824 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $619 and the price per buildable square foot is $535 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 April 7, 2022, for $1.1 million. The signatory for Jacob Zicherman was Jacob Zicherman. The signatory for Bricksave was Jesse H. Young, an attorney.

Bricksave describes itself as, “a state-of-the-art crowdfunding platform providing direct access to secure, asset-backed investment opportunities hand-picked from across the globe.” The company is formally known as Diversified Real Estate Asset Management Ltd. The property already appears on the firm’s website.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bricksave had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jacob Zicherman purchased 10 properties in four transactions for a total of $8.4 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Felix Velez, individual owner.

The property

The residential walkup building with 6 residential units in Bushwick has 5,250 square feet of built space and 824 square feet of additional air rights for a total buildable of 6,072 square feet 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 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 $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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 27 commercial properties representing 60,462 square feet of the 140,584 square feet. The largest owner is Trifecta Equities, followed by Steve Lichtman and then Oren Hakim.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 140,584 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Jacob Zicherman owned at least 10 commercial properties with 18 residential units in New York City with 15,837 square feet and a city-determined market value of $5.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 15,837 square feet of built space are walkup properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

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