Horizon Group pays $7.4M to David Weinraub for retail building in Flatbush

Horizon Group through the entity Horizon At Flatbush LLC paid $7.4 million to David Weinraub through the entity Freda Realty Company, LLC for retail building (K1) at 1070 Flatbush Avenue in Flatbush, Brooklyn.
The deal closed on August 26, 2021 and was recorded on September 1, 2021. The sellers have owned the parcel for decades.
The property has 15,330 square feet of built space and 45,990 square feet of additional air rights for a total buildable of 61,320 square feet according to PincusCo analysis of city data. The sale price per built square foot is $482 and the price per buildable square foot is $120 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 David Weinraub was David Weinraub. The signatory for Horizon Group was David Marom.
Over the past five years, there have been 4 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 $85,000.

There have been 2 demolition projects filed over the past five years.
The contract date was March 2, 2021. David Marom is owner of the Horizon Group.

Within a 400-foot radius of 1070 Flatbush Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on April 7, 2021 for a 21,950-square-foot hotel R-1 building with 10 residential units at 21 Duryea Place.
One of those three items was a loan which Brookdale Hospital Medical Center borrowed $118.8 million from Dormitory Authority Of The State Of New York secured by the 17,500-square-foot, one-unit industrial (I5) on 1095 Flatbush Avenue and 41 other properties on March 31, 2021.

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