Eden Ashourzadeh pays $2.5M to Waxman Real Estate for mixed-use in Boerum Hill

Eden Ashourzadeh through the entity 479 Atlantic LLC paid $2.5 million to Waxman Real Estate through the entity Wp Atlantic LLC for midblock four-unit mixed-use building at 479 Atlantic Avenue in Boerum Hill, Brooklyn.
The deal closed on June 2, 2022 and was recorded on June 24, 2022. The property has 3,200 square feet of built space and 3,996 square feet of additional air rights for a total buildable of 7,200 square feet according to PincusCo analysis of city data. The sale price per built square foot is $773 and the price per buildable square foot is $343 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 6, 2016, for $2.8 million. The signatory for Waxman Real Estate was Jesse Waxman. The signatory for Eden Ashourzadeh was Eden Ashourzadeh. Jesse Waxman is the vice president of acquisitions at Waxman Real Estate.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Eden Ashourzadeh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Waxman Real Estate had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jesse Waxman, head officer and Gary Geisenheimer, agent. The business entity is Wp Atlantic Llc.

The property

The 479 Atlantic Avenue parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,800 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 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 received $330 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 $5 million on this tax lot.

The neighborhood

In Boerum Hill, the bulk, or 25 percent of the 13 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 24 percent of the space. In sales, Boerum Hill has had very little sales volume relative to other neighborhoods with $226.2 million in sales volume in the last two years. For development, Boerum Hill has had very little major development activity relative to other neighborhoods.It had 438,190 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 21 commercial properties representing 14,178 square feet of the 226,651 square feet. The largest owner is Phyllis Klein, followed by Alan E. Wheeler Agenc and then Edmond J. Fong. There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 137,284 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that Eden Ashourzadeh owned at least three commercial properties with 17,520 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

Surrounding

Within a 400-foot radius of 479 Atlantic Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were one permit applications with a total initial cost of $1.2 million and one initial temporary certificate of occupancy issuance for a project that initially costed $314,360. The most recent of these two items was the filing on June 7, 2021 for a 63,630-square-foot R-2 building with 30 residential units at 465 Pacific Street.

Direct link to Acris document. link