Dia Alqalisi pays $1.3M for tax foreclosed mixed-use in Bedford Stuyvesant

Dia Alqalisi through the entity 1550 Fulton Realty 123 LLC paid $1.3 million for the mixed-use building (K4) at 1550 Fulton Street in Bedford Stuyvesant, Brooklyn through a tax lien foreclosure action.
The deal closed on April 20, 2023 and was recorded on April 28, 2023. The property has 2,880 square feet of built space and 5,520 square feet of additional air rights for a total buildable of 8,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $463 and the price per buildable square foot is $158 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 the foreclosed entity was Basil J. Kampessis. The signatory for Dia Alqalisi was Dia-Aldeed Alqalisi. Basil J. Kampessis is a referee. 521188/2016 was a tax lien foreclosure under a 2009 tax lien certificate with the prior owner Mario Prestigiacomo.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dia-Aldeed Alqalisi had purchased any other properties and has no record it sold any properties over the past 24 months.
The 2,880-square-foot property generated revenue of $75,701 or $26 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Bedford Stuyvesant has 2,880 square feet of built space and 5,520 square feet of additional air rights for a total buildable of 8,400 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 R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $396,000.

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 neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has 2.5 times the average sales volume among other neighborhoods with $864 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Bedford Stuyvesant has 3.4 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 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 six of the 21 commercial properties representing 158,555 square feet of the 220,699 square feet. The largest owner is Taso Vassiliou, followed by Skw Funding and then Shulem Herman.
On the tax block, there were four new building construction projects totaling 78,945 square feet. The largest is a 49-unit, 56,343 square-foot residential (R-2) building submitted by Eckstein Yisroel with plans filed May 13, 2015 and permitted December 24, 2015. The second largest is a 10-unit, 11,197 square-foot residential (R-2) building submitted by Rona Reodica with plans filed May 7, 2020 and it has not been permitted yet.

The majority, or 63 percent of the 220,699 square feet of built space are elevator buildings, with mixed-use buildings next occupying 19 percent of the space.

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