Cypress Hills nonprofit pays $3.1M for 21-unit walkup in Cypress Hills

The nonprofit Cypress Hills Local Development Corporation through the entity 248 Arlington Avenue LLC paid $3.1 million to Philip Knoll through the entity Arlington Estates, LLC for the 21-unit residential walkup building (C1) at 248 Arlington Avenue in Cypress Hills, Brooklyn.
The deal closed on February 29, 2024 and was recorded on March 7, 2024. The property has 17,695 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $174 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 December 5, 2018, for $2.7 million. The signatory for Philip Knoll was Izidor Mikhli. The signatory for Cypress Hills Local Development Corporation was Hannah Anousheh. The contract date was October 18, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Cypress Hills Local Development Corporation had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Philip Knoll had not purchased any other properties and sold two properties in two transactions for a total of $4.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Philip Knoll, head officer and Abe Pentelnik, agent. The business entity is Arlington Estates Llc. The 17,695-square-foot property generated revenue of $393,911 or $22 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 21 residential units in Cypress Hills has 17,695 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.8 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 received 55 housing violations and $50 in OATH penalties 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 the tax block, there was one new building construction project filed totaling 1,849 square feet. It is a two-unit, 1,849 square-foot residential (R-3) building submitted by Daniel Mayancela with plans filed May 17, 2022 and it has not been permitted yet.

The majority, or 55 percent of the 40,362 square feet of built space are mixed-use buildings, with walkup buildings next occupying 44 percent of the space.

The seller

The PincusCo database currently indicates that Philip Knoll owned at least one commercial property with six residential units in New York City with 5,625 square feet and a city-determined market value of $978,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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