Eleizer Schwimer, Moses Guttman pay $4.7M for walkup properties in Bushwick

Eleizer Schwimer and Moses Guttman through the entity Maguire Bkln III LLC paid $4.7 million to FIA Capital Partners through the entity 1125-1133 Greene Ave LLC for midblock two-unit 1-4 family building at 1133 Greene Avenue in Bushwick, Brooklyn, midblock two-unit 1-4 family building at 1131 Greene Avenue in Bushwick, Brooklyn, and midblock two-unit 1-4 family building at 1129 Greene Avenue in Bushwick, Brooklyn.
The deal closed on May 16, 2022 and was recorded on June 17, 2022. The five properties have 10,974 square feet of built space and 1,176 square feet of additional air rights for a total buildable of 12,150 square feet according to PincusCo analysis of city data. The sale price per built square foot is $427 and the price per buildable square foot is $385 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 FIA Capital Partners was David Goldwasser. The signatory for Eleizer Schwimer and Moses Guttman was Moses Guttman. David Goldwasser is a principal of FIA Capital Partners.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1133 Greene Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Eleizer Schwimer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller FIA Capital Partners 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 Cheskel Strulowitz, head officer and Moses Karpen, site manager. The business entity is 1125-1133 Greene Ave Llc.

The property

The 1133 Greene Avenue parcel has frontage of zero feet and is zero feet deep with a total lot size of 950 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $375 in OATH penalties in the last year.

Development

For the tax lot buildings, five out of the five buildings received a initial certificate of occupancy in the last ten years. 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 Bushwick, the bulk, or 32 percent of the 51.4 million square feet of commercial built space are 1-4 family buildings, with residential walkup buildings next occupying 29 percent of the space. In sales, Bushwick has 3.3 times the average sales volume among other neighborhoods with $910.2 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.2 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Brooklyn. It had 1.1 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 six pre-foreclosure suit filed among other 1-4 family buildings in the past 12 months.

The block

On the tax block of 1133 Greene Avenue, PincusCo has identified the owners of nine of the 15 commercial properties representing 56,612 square feet of the 68,382 square feet. The largest owner is Rob Lo, followed by New York City Housing Authority and then Linda Vera-Benitez. There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 237,719 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Moses Guttman owned at least six commercial properties with 48,280 square feet and a city-determined market value of $6.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 48,280 square feet of built space are walkup properties, with mixed-use properties next occupying 17 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Eleizer Schwimer owned at least one commercial property with 6,400 square feet and a city-determined market value of $674,700. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

Surrounding

Within a 400-foot radius of 1133 Greene Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $27.2 million. The most recent of the two was Carlyle Group which borrowed $22 million from Invesco Real Estate secured by the 4,013-square-foot, two-unit two-family building (B2) on 27 Bleecker Street and 10 other properties on January 13, 2021.

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