FBE Limited pays $76M to E&M Associates for properties in Brooklyn

Abraham Fruchthandler’s FBE Limited paid $76 million to E&M Associates for properties in Brooklyn in three separate transactions.

In the largest, FBE Limited through the entity 615 East 104 Holdings LLC paid E&M Associates’s E & M Associates I LLC $51.3 million for 633 East 104th Street in Canarsie. The deal closed on December 2, 2020, and was recorded on December 11, 2020. The transaction consists of 1 parcel, including the tax class adult care facility (I7). The property is 86,763 square feet.
The average sale price per square foot is $591.

PincusCo reported on the contract when it was recorded in October 2020.  The signatory for the purchase was attorney Jeffrey Zwick. The contract date was September 3, 2020.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $166,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, FBE Limited through the entity 2514 Albermarle Holdings LLC paid E&M Associates’s 2514 Albemarle Assocaites LLC $12.7 million for 2514 Albemarle Road in Flatbush. The deal closed on December 2, 2020, and was recorded on December 11, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 43 residential units. The property is 39,628 square feet. The parcel(s) have total development potential of 39,628 square feet.
The sale price per unit is $295,000.

The contract date was September 3, 2020.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 43 residential (or hotel) units on July 30, 2014.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $25,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third, FBE Limited through the entity 64 Kinston Holdings LLC paid E&M Associates’s 64 Kingston Avenue Realty LLC $12.0 million for 56 Kingston Avenue in Crown Heights. The deal closed on December 2, 2020, and was recorded on December 11, 2020. The transaction consists of 1 parcel, including the tax class miscellaneous (N9). The property is 25,000 square feet. The parcel(s) have total development potential of 25,000 square feet.

The average sale price per square foot is $481.

The contract date was September 3, 2020.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,450.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link