Eitan Binet pays $3.4M for new 10-unit walkup in East New York

Eitan Binet through the entity Bsd Ge 731 LLC paid $3.4 million to developer Einav Gelberg through the entity 731 Liberty LLC for the newly constructed 10-unit walkup building (C7) at 731 Liberty Avenue in East New York, Brooklyn. The expected use is cash flowing.
The deal closed on October 30, 2024 and was recorded on November 12, 2024. The property has 7,469 square feet of built space and 25 square feet of additional air rights for a total buildable of 7,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $455 and the price per buildable square foot is $453 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 May 20, 2021, for $700,000. The signatory for Einav Gelberg was Joshua Herbst. The signatory for Eitan Binet was Eitan Binet. The contract date was September 4, 2024.

On the lot, there was a new building construction project, B00584279, for a 10-unit, 7,469 square-foot R-2 building. The project was submitted by Einav Gelberg with plans filed November 10, 2021 and permitted February 3, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eitan Binet purchased one property in one transaction for a total of $2.2 million and has no record it sold any properties over the past 24 months.
The seller Einav Gelberg had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential walkup building with 10 residential units in East New York has 7,469 square feet of built space and 25 square feet of additional air rights for a total buildable of 7,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $412,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

The block

On this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 108,003 square feet of the 133,206 square feet. The two identified owners are L+M Development Partners and Dan Mizrachi.
On the tax block, there were two new building construction projects totaling 23,808 square feet. The largest is a 16-unit, 16,339 square-foot residential (R-2) building submitted by Dan Mizrachi with plans filed February 18, 2016 and it has not been permitted yet. The second largest is a 10-unit, 7,469 square-foot residential (R-2) building submitted by Einav Gelberg with plans filed November 10, 2021 and permitted February 3, 2023.

The majority, or 70 percent of the 133,206 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Einav Gelberg owned at least one commercial property with seven residential units in New York City with 0.0 square feet and a city-determined market value of $245,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property.

The buyer

The PincusCo database currently indicates that Eitan Binet owned at least four commercial properties with 28 residential units in New York City with 1,600 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $11.1 million in debt, borrowed from Quanta Finance and Conventus. Within the portfolio, the bulk, or 100 percent of the 1,600 square feet of built space are development properties, with elevator properties next occupying 0 percent of the space. They are all located in Brooklyn.

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