Ilan Bracha pays $7.4M for 12-unit building in Bushwick, prior owner sought to sell as condos

Ilan Bracha through the entity 1411 Bushwick Development LLC paid $7.4 million to the entity 1411 Bushwick Avenue Development LLC for the 12-unit residential elevator building (D1) at 1411 Bushwick Avenue in Bushwick, Brooklyn.
A prior owner, Guy Iber filed plans in 2019 to convert the building into condominiums but the plan was never accepted, according to the New York State Attorney General’s office.
The sale closed on January 18, 2023 and was recorded on January 26, 2023. The property has 12,775 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $579 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 July 19, 2016, for $1.6 million. The signatory for the seller was an attorney, Siamak Darouvar. The signatory for Ilan Bracha was Ilan Bracha. The contract date was December 15, 2019.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Ilan Bracha purchased two properties in one transaction for a total of $9 million and has no record he sold any properties over the past 24 months.
Guy Iber had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1411 Bushwick Avenue parcel has frontage of 27 feet and is 125 feet deep with a total lot size of 3,750 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 since September of 2020. In addition, according to city public data, the property has received one DOB violation and $260 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project for a 12-unit, 10,368 square-foot R-2 building. The project was developed by Ariel Shalom with plans filed January 9, 2017 and permitted May 23, 2018. On the tax lot, the most recent condominium plan was filed by 1411 Bushwick Avenue Development LLC to create 12 residential units in a building at 1411 Bushwick Avenue in Bushwick, Brooklyn, called 1411 Bushwick Avenue Condominiumthat has a $8.9 million sellout, according to a July 1, 2019 submission to the New York State Attorney General.The principal of the sponsor, 1411 Bushwick Avenue Development LLC, was Guy Iber.

The block

On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 14,964 square feet of the 43,295 square feet. The largest owner is Mendel Gluck, followed by Mark Fasano and then Joel Waldman.
On the tax block, there was one new building construction project filed totaling 10,368 square feet. It is a 12-unit, 10,368-square-foot R-2 building developed by Ariel Shalom with plans filed January 9, 2017 and permitted August 3, 2017.

The majority, or 46 percent of the 43,295 square feet of built space are walkup buildings, with elevator buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Guy Iber owned at least one commercial property in New York City with 5,530 square feet and a city-determined market value of $706,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Ilan Bracha owned at least two commercial properties in New York City with 12,384 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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