Ilan Bracha affiliate pays $9M to M-Tek for two residential walkup buildings in Bushwick

1200 Decatur Street LLC, with residential broker Ilan Bracha as signatory, paid $9 million to M-Tek Development through the entity Tf Decatur LLC for eight-unit residential walkup building at 1200 Decatur Street in Bushwick, Brooklyn and eight-unit residential walkup building at 1202 Decatur Street in Bushwick, Brooklyn.
The deal closed on December 23, 2021 and was recorded on January 14, 2022.
The two properties have 12,384 square feet of built space and 313 square feet of additional air rights for a total buildable of 12,694 square feet according to PincusCo analysis of city data. The sale price per built square foot is $726 and the price per buildable square foot is $708 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 M-Tek Development was Michael Murphy. The signatory for 1200 Decatur Street LLC was Ilan Bracha.

(321193034)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 8 residential units on October 26, 2021. (321193034) Plans for a 8-unit, 5,706 square-foot R-2 were filed on May 5, 2017 and were permitted on January 30, 2019.
Guy Iber, who signed on a previous mortgage for the property is the co-founder of M-Tek Development. Ilan Bracha is the founder of the Bracha Team at Corcoran Group.

In Bushwick, the majority, or 32 percent of the 51.4 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 29 percent of the space. In sales, Bushwick has 3.3 times the average sales volume in the city with $910.2 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.2 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Brooklyn. It had 1.1 million square feet of commercial construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were 11 pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 53 percent of the 175,316 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 33 percent of the space.
There was a condominium project filed with the address 1200-1202 Decatur Street and the name Decatur Street Condominium (the) on June 24, 2019. The principals of the sponsor, Tf Decatur Llc, was Guy Iber. link
Within a 400-foot radius of 1200 Decatur Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on November 16, 2020 for the $632,018 renovation of 5,337-square-foot R-2 building with five residential units at 627 Wilson Avenue.
Of those three items, two were loans above $5 million totaling $32.1 million. The most recent of the two was Greenbrook Partners which borrowed $10.1 million from Ladder Capital secured by the 5,220-square-foot, three-unit three-family building (C0) on 171 Cooper Street and five other properties on October 1, 2021.

Direct link to Acris document. link