Elimelech Klyman pays $3.5M for mixed-use in Borough Park

Elimelech Klyman through the entity 4802 Holdings LLC paid $3.5 million to Susan Berezin and Miriam Freedman through the entity Ltg 10-08 Family Trust for the five-unit mixed-use building (K4) at 4802 13th Avenue in Borough Park, Brooklyn.
The deal closed on September 22, 2022 and was recorded on October 5, 2022. The property has 4,860 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $720 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 Susan Berezin and Miriam Freedman was Susan Berezin and Miriam Freedman. The signatory for Elimelech Klyman was Elimelech Klyman.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Elimelech Klyman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Susan Berezin 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 Susan Berezin, head officer and Miriam Freedman, officer. The business entities are Le Bon Sportswear Inc and Ltg 10-08 Family Trust. The 4,860-square-foot property generated revenue of $137,441 or $28 per square foot, according to the most recent income and expense figures.

The property

The 4802 13th Avenue parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,800 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $494,000.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1.1 million commercial foreclosure concerning a loan filed on September 13, 2021. In addition, according to city public data, the property has not received any significant violations 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 Borough Park, the bulk, or 23 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has had very little sales volume relative to other neighborhoods with $247.8 million in sales volume in the last two years. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 17th 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 5 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 18 commercial properties representing 78,555 square feet of the 159,062 square feet. The largest owner is Aaron Berger, followed by Betty Nusblat and then Miriam Freedman As Trustee.
there are no active new building construction projects on this tax block.

The majority, or 48 percent of the 154,375 square feet of built space are walkup buildings, with mixed-use buildings next occupying 28 percent of the space.

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