Evgeniy Josovits pays $1.8M for retail in East Flatbush
Evgeniy Josovits through the entity Matthew J Building LLC paid $1.8 million to Aviva Haim through the entity Haim Holding LLC for the retail building (K2) at 5702 Church Avenue in East Flatbush, Brooklyn.
The deal closed on October 31, 2023 and was recorded on December 15, 2023. The property has 2,530 square feet of built space and 2,049 square feet of additional air rights for a total buildable of 4,573 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $711 and the price per buildable square foot is $393 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 Aviva Haim was Aviva Haim. The signatory for Evgeniy Josovits was Evgeniy Josovits. The contract date was July 20, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Evgeniy Josovits purchased one property in one transaction for a total of $1.3 million and has no record it sold any properties over the past 24 months.
The seller Aviva Haim had not purchased any other properties and had not sold any properties over the same time period. The 2,530-square-foot property generated revenue of $73,873 or $29 per square foot, according to the most recent income and expense figures.
The property
The retail building in East Flatbush has 2,530 square feet of built space and 2,049 square feet of additional air rights for a total buildable of 4,573 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 98 feet deep with a total lot size of 3,659 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $356,000.
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.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has near average sales volume among other neighborhoods with $313.8 million in sales volume in the last two years and is the 25th highest in Brooklyn. For development, East Flatbush has 2 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 2 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.
The block
On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 45,650 square feet of the 50,258 square feet. The identified owner is Benjamin Shwartz.
There are no active new building construction projects on this tax block.
The majority, or 91 percent of the 50,258 square feet of built space are walkup buildings, with retail buildings next occupying 5 percent of the space.
The buyer
The PincusCo database currently indicates that Evgeniy Josovits owned at least one commercial property with five residential units in New York City with 4,020 square feet and a city-determined market value of $405,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
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