Flatbush Volunteers of Hatzoloh pays $1.4M for mixed-use in Marine Park

Flatbush Volunteers of Hatzoloh paid $1.4 million to Joseph Lebowits for the mixed-use building (K1) at 3502 Flatlands Avenue in Marine Park, Brooklyn.
The deal closed on July 27, 2022 and was recorded on August 16, 2022. The property has 2,480 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $564 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 Joseph Lebowits was Joseph Lebowits. The signatory for the buyer was not legible.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Flatbush Volunteers of Hatzoloh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Lebowits had not purchased any other properties and had not sold any properties over the same time period. The 2,480-square-foot property generated revenue of $83,973 or $34 per square foot, according to the most recent income and expense figures.

The property

The 3502 Flatlands Avenue parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 square feet. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $429,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 Marine Park, the bulk, or 30 percent of the 2.1 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 25 percent of the space. In sales, Marine Park has the 45th highest sale turnover among other neighborhoods in Brooklyn with $9.2 million in sales volume in the last two years. For development, Marine Park has had very little major development activity relative to other neighborhoods.It had 22,441 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 2,600 square feet of the 20,365 square feet. The identified owner is Donald Johnson.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 20,365 square feet of built space are mixed-use buildings, with office buildings next occupying 33 percent of the space.

Direct link to Acris document. link