Duke Properties through the entity 624 East 17th Street LLC paid $2.6 million to Abraham Raab through the entity Ppg 624 LLC for the six-unit residential walkup building (C2) at 624 East 17th Street in Flatbush, Brooklyn.
The deal closed on January 30, 2023 and was recorded on February 15, 2023. The property has 6,200 square feet of built space and 5,800 square feet of additional air rights for a total buildable of 12,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $419 and the price per buildable square foot is $216 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 August 2, 2017, for $1.3 million. The signatory for Abraham Raab was Abraham Raab. The signatory for Duke Properties was Albert Dweck.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Duke Properties purchased one property in one transaction for a total of $4.3 million and has no record it sold any properties over the past 24 months.
The seller Abraham Raab had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Nathan Obstfeld, head officer. The business entity is Ppg 624 Llc. The 6,200-square-foot property generated revenue of $101,866 or $16 per square foot, according to the most recent income and expense figures.
The 624 East 17th Street parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $985,000.
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 received $50 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
On this tax block, PincusCo has identified the owners of four of the 23 commercial properties representing 82,505 square feet of the 211,770 square feet. The largest owner is Nathan Obstfeld, followed by Jason I. Pestano and then Bronstein Properties.
There are no active new building construction projects on this tax block.
The majority, or 88 percent of the 211,770 square feet of built space are walkup buildings, with retail buildings next occupying 9 percent of the space.
The PincusCo database currently indicates that Duke Properties owned at least 31 commercial properties in New York City with 204,373 square feet and a city-determined market value of $28.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 97 percent of the 204,373 square feet of built space are walkup properties, with C3 properties next occupying 3 percent of the space. The bulk, or 45 percent of the built space, is in Brooklyn, with Queens next at 45 percent of the space.
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