Edward Ostad pays $2.1M to John Delsoin for 8-unit walkup in Flatbush

Edward Ostad through the entity 327 East 22 LLC paid $2.1 million to John Delsoin through the entity 327 East 22 Street Holding LLC for eight-unit residential walkup building at 327 East 22nd Street in Flatbush, Brooklyn.
The deal closed on November 2, 2021 and was recorded on February 22, 2022.
The property has 10,368 square feet of built space and 211 square feet of additional air rights for a total buildable of 10,590 square feet according to PincusCo analysis of city data. The sale price per built square foot is $202 and the price per buildable square foot is $198 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 November 10, 2005, for $1,000,000.
The signatory for John Delsoin was John Delsoin. The signatory for Edward Ostad was Edward Ostad.
Prior to this transaction, the buyer Edward Ostad purchased at least four properties in three transactions for a total of $22.7 million and had not sold any properties over the past 24 months.

In Flatbush, the bulk, or 47 percent of the 51.8 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 17 percent of the space. In sales, Flatbush has had very little sales volume relative to other neighborhoods with $208.8 million in sales volume in the last two years. For development, Flatbush has near average amount of major developments among other neighborhoods and is the 20th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 38 percent of the 201,424 square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 27 percent of the space.
The former owner according to the Department of Housing Preservation and Development was John Delsoin, head officer. The business entity was 327 E. 22 St Llc.
Within a 400-foot radius of 327 East 22nd Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Brookdale Hospital Medical Center borrowed $118.8 million from NYS Dormitory Authority secured by the 17,500-square-foot, one-unit industrial (I5) on 1095 Flatbush Avenue and 41 other properties on March 31, 2021.

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