Investors pay $2.5M to Raviv Capital for 4-family in Bedford Stuyvesant

Joshua Guttman, Henry Guttman, Sarah Neuman, and Mendel Neuman paid $2.5 million to Raviv Capital through the entity 109 Vernon Avenue LLC for the four-unit building (C3) at 109 Vernon Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on May 11, 2023 and was recorded on June 1, 2023. The property has 3,600 square feet of built space and 400 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $704 and the price per buildable square foot is $633 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 September 23, 2013, for $840,000. The signatory for Raviv Capital was Lior Raviv and Steven Rubel. The signatory for Joshua Guttman, Henry Guttman, Sarah Neuman, and Mendel Neuman was Joshua Guttman, Henry Guttman, Sarah Neuman, and Mendel Neuman.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joshua Guttman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Raviv Capital had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Lior Raviv, head officer. The business entity is 109 Vernon Llc.

The property

The building with 4 residential units in Bedford Stuyvesant has 3,600 square feet of built space and 400 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $719,000.

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 $300 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 11 commercial properties representing 52,519 square feet of the 58,269 square feet. The largest owner is Eliezer Meisels, followed by Dunn Development and then Abraham Friedrich.
On the tax block, there were two new building construction projects totaling 25,986 square feet. The largest is a 18-unit, 15,997 square-foot residential (R-2) building submitted by Rona Reodica with plans filed October 21, 2021 and it has not been permitted yet. The second largest is a 10-unit, 9,989 square-foot residential (R-2) building submitted by Rona Reodica with plans filed October 21, 2021 and it has not been permitted yet.

The majority, or 73 percent of the 58,269 square feet of built space are elevator buildings, with mixed-use buildings next occupying 14 percent of the space.

The buyer

The PincusCo database currently indicates that Joshua Guttman owned at least one commercial property in New York City with 30,020 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Brooklyn.

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