Hershy Silberstein pays $2.1M for mixed-use in Clinton Hill

Hershy Silberstein through the entity 1901 2011 Realty LLC paid $2.1 million to Edward Barbaro through the entity Myrtle Management Corporation for the two-unit mixed-use building at 441 Myrtle Avenue in Clinton Hill, Brooklyn.
The deal closed on May 12, 2022 and was recorded on May 27, 2022.The property has 3,300 square feet of built space and 2,296 square feet of additional air rights for a total buildable of 5,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $636 and the price per buildable square foot is $375 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 property

The 441 Myrtle Avenue parcel has frontage of 20 feet and is 70 feet deep with a total lot size of 1,400 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 million.

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 received three DOB 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 Clinton Hill, the bulk, or 36 percent of the 18.8 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 22 percent of the space. In sales, Clinton Hill has near average sales volume among other neighborhoods with $303.9 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Clinton Hill has 1.4 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 117,931 square feet of the 166,688 square feet. The two identified owners are Leser Group and Ny 139 Llc. There are eight active new building construction projects totaling 56,732 square feet. The largest is a 16-unit, 19,984-square-foot R-2 building developed by Joanne Wilson with plans filed April 29, 2020 and it has not been permitted yet. The second largest is a five-unit, 6,210-square-foot R-2 building developed by Arthur Lambert with plans filed August 19, 2015 and it has not been permitted yet.

The majority, or 43 percent of the 310,658 square feet of built space are specialty buildings, with 1-4 family buildings next occupying 29 percent of the space.

Surrounding

Within a 400-foot radius of 441 Myrtle Avenue, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit application filed on November 30, 2021 for a 11,403-square-foot R-2 building with 14 residential units at 132 Waverly Avenue.
Of those seven items, four were for major renovation including a certificate of occupancy change. They were four permit applications with a total initial cost of $3.3 million. The most recent of these four items was the filing on March 9, 2022 for a 5,853-square-foot RES building with seven residential units at 415 Myrtle Avenue.
Of those seven items, two were loans above $5 million totaling $47.4 million. The most recent of the two was Wharton Properties which borrowed $17.8 million from Valley National Bank secured by the 12,500-square-foot, one-unit retail building (K7) on 451 Myrtle Avenue on November 12, 2021.

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