Hafedh Alsaedi pays $6.2M for 18-unit walkup in Brownsville

Hafedh Alsaedi through the entity 702 Rockaway Realty LLC paid $6.2 million to Uri Dreifus and Zev A. Salamon through the entity 702 Rockaway Avenue LLC for the 18-unit residential walkup building (C7) at 702 Rockaway Avenue in Brownsville, Brooklyn.
The deal closed on April 19, 2023 and was recorded on April 24, 2023. The property has 18,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $347 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 seller bought the property on March 24, 2015, for $4.3 million. The signatory for Uri Dreifus and Zev A. Salamon was Uri Dreifus and Zev A. Salamon. The signatory for Hafedh Alsaedi was Hafedh Alsaedi.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hafedh Alsaedi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Uri Dreifus had not purchased any other properties and sold two properties in one transactions for a total of $3.9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Simeon Farber, head officer. The business entity is 702 Rockaway Avenue Llc. The 18,000-square-foot property generated revenue of $506,411 or $28 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 18 residential units in Brownsville has 18,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,009 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 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 12 housing violations and $4,125 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 block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 127,000 square feet of the 156,771 square feet. The largest owner is Zalmen Management, followed by L+M Development Partners and then CB-Emmanuel Realty.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 156,771 square feet of built space are elevator buildings, with walkup buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Uri Dreifus owned at least two commercial properties with 59 residential units in New York City with 78,886 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $13.2 million in debt, borrowed from Bank of Hope and Amalgamated Bank. Within the portfolio, the bulk, or 73 percent of the 78,886 square feet of built space are walkup properties, with N9 properties next occupying 27 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Hafedh Alsaedi owned at least one commercial property in New York City with 12,861 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $1.4 million in debt, borrowed from Cur 2020-1, LLC. The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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