Faisal Kassim, Mojahed Kassim pay $3.6M for mixed-use in Boerum Hill

Faisal Y. Kassim and Mojahed Y. Kassim through the entity 151 S LLC paid $3.6 million to Doreen De Leon through the entity 151 Smith Street LLC for the six-unit mixed-use building (S9) at 151 Smith Street in Boerum Hill, Brooklyn. The expected use is cash flowing.
The deal closed on August 9, 2024 and was recorded on August 27, 2024. The property has 3,920 square feet of built space and 1,124 square feet of additional air rights for a total buildable of 5,037 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $918 and the price per buildable square foot is $714 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 Doreen De Leon was Doreen De Leon. The signatory for Faisal Y. Kassim and Mojahed Y. Kassim was Faisal Y. Kassim and Mojahed Y. Kassim. The contract date was March 21, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Faisal Y. Kassim had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Doreen De Leon 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 Doreen De Leon also known as Doreen DeLeon, individual owner and Nasilele Holland, site manager.

The property

The mixed-use building with 6 residential units in Boerum Hill has 3,920 square feet of built space and 1,124 square feet of additional air rights for a total buildable of 5,037 square feet according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 60 feet deep with a total lot size of 1,679 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 $2.5 million.

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 received $750 in OATH penalties 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 Boerum Hill, The bulk, or 32 percent of the 9 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space. In sales, Boerum Hill has 1.4 times the average sales volume among other neighborhoods with $377.5 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Boerum Hill has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 17 commercial properties representing 44,959 square feet of the 78,456 square feet. The largest owner is Alexander Freedman, followed by Maribel Agosto and then Laura Hobgood.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 78,456 square feet of built space are walkup buildings, with mixed-use buildings next occupying 41 percent of the space.

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