Isaac Katz pays $6.2M to Tifa Radoncic for residential walkup in Bensonhurst

Isaac Katz through the entity 2301 65 Realty LLC paid $6.2 million to Tifa Radoncic through the entity Tiffany Management Ltd. for 22-unit residential walkup building (C7) at 2301 65th Street in Bensonhurst, Brooklyn.
The deal closed on June 16, 2022 and was recorded on July 1, 2022. The property has 20,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $303 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 Tifa Radoncic was Tifa Radoncic. The signatory for Isaac Katz was Isaac Katz.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Isaac Katz purchased one property in one transaction for a total of $8.4 million and has no record it sold any properties over the past 24 months.
The seller Tifa Radoncic had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Tifa Radoncic, head officer and Mirza Radoncic, site manager. The business entity is Tiffany Management, Ltd. The 20,600-square-foot property generated revenue of $493,784 or $24 per square foot, according to the most recent income and expense figures.

The property

The 2301 65th Street parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 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 10 housing 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 Bensonhurst, the bulk, or 32 percent of the 18 million square feet of commercial built space are residential walkup buildings, with residential elevator buildings next occupying 22 percent of the space. In sales, Bensonhurst has had very little sales volume relative to other neighborhoods with $172.3 million in sales volume in the last two years. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 365,790 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 14 commercial properties representing 2,600 square feet of the 122,480 square feet. The identified owner is Vito Iuni. There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 122,480 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that Isaac Katz owned at least 10 commercial properties with 432,868 square feet and a city-determined market value of $28.2 million. (Market value is typically about 50% of actual value.) The portfolio has $50.3 million in debt, with top three lenders as Signature Bank, JPMorgan Chase, and New York Community Bank respectively. Within the portfolio, the bulk, or 79 percent of the 432,868 square feet of built space are elevator properties, with walkup properties next occupying 21 percent of the space. The bulk, or 70 percent of the built space, is in Brooklyn, with Bronx next at 30 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 2301 65th Street that occurred over the past 24 months.

Direct link to Acris document. link