David Preisler pays $2.3M to Benzion Kohn for mixed-use in Borough Park

David Preisler through the entity 5712a Nu LLC paid $2.3 million to Benzion Kohn through the entity 5712 Nu LLC for two-unit mixed-use building (S2) at 5712 New Utrecht Avenue in Borough Park, Brooklyn.
The deal closed on September 16, 2022 and was recorded on October 6, 2022. The property has 3,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $638 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 Benzion Kohn was Benzion Kohn. The signatory for David Preisler was David Preisler.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer David Preisler had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Benzion Kohn had not purchased any other properties and had not sold any properties over the same time period.

The property

The 5712 New Utrecht Avenue parcel has frontage of 20 feet and is 110 feet deep with a total lot size of 2,120 square feet. The lot is irregular. 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 23 percent of the 23.3 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 had very little sales volume relative to other neighborhoods with $251.3 million in sales volume in the last two years. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 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

On this tax block, PincusCo has identified the owners of one of the 24 commercial properties representing 8,140 square feet of the 85,404 square feet. The identified owner is Abraham Hecht.
On the tax block, there were two new building construction projects totaling 2,356 square feet. The largest is a one-unit, 1,716-square-foot M building developed by Issak Tavalov with plans filed September 4, 2013 and permitted November 5, 2015.

The majority, or 60 percent of the 80,713 square feet of built space are mixed-use buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Benzion Kohn owned at least one commercial property in New York City with 11,552 square feet and a city-determined market value of $1.4 million. (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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