Isamar Margareten pays $4.6M to Urban View for dev site in Bedford Stuyvesant
Isamar Margareten through the entity 481-483 Dekalb LLC paid $4.6 million to Urban View Development Group through the entity 364 Lafayette Avenue I LLC for the two parcel development site at 481 and 483 Dekalb Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on April 20, 2023 and was recorded on April 24, 2023. The two properties have 7,260 square feet of built space and 11,537 square feet of additional air rights for a total buildable of 18,796 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $637 and the price per buildable square foot is $246 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 Urban View Development Group was Nadav Hamo. The signatory for Isamar Margareten was Isamar Margareten.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 481 Dekalb Avenue.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Isamar Margareten purchased two properties in two transactions for a total of $10.6 million and has no record it sold any properties over the past 24 months.
The seller Urban View Development Group purchased three properties in three transactions for a total of $17.4 million and sold five properties in five transactions for a total of $14.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Nadav Hamo, head officer and Mendy Deutsch, agent. The business entity is 364 Lafayette Avenue I Llc.
The property
The 1-4 family building with 2 residential units in Bedford Stuyvesant has 7,260 square feet of built space and 11,537 square feet of additional air rights for a total buildable of 18,796 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,699 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $11,250 in ECB penalties, one housing violation, and $12,700 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 the tax block of 481 Dekalb Avenue, PincusCo has identified the owners of one of the eight commercial properties representing 11,880 square feet of the 359,295 square feet. The identified owner is Moshe Peretz.
On the tax block, there was one new building construction project filed totaling 37,024 square feet. It is a 37,024 square-foot utility and miscellaneous (U) building submitted by Lynn Tiews with plans filed July 20, 2018 and it has not been permitted yet.
The majority, or 92 percent of the 359,295 square feet of built space are specialty buildings, with mixed-use buildings next occupying 6 percent of the space.
The seller
The PincusCo database currently indicates that Urban View Development Group owned at least 12 commercial properties with 85 residential units in New York City with 106,072 square feet. The portfolio has $82.8 million in debt, with top three lenders as Terra Solid Capital, Terra Capital Partners, and Citibank respectively. Within the portfolio, the bulk, or 31 percent of the 106,072 square feet of built space are elevator properties, with specialty properties next occupying 25 percent of the space. The bulk, or 78 percent of the built space, is in Brooklyn, with Manhattan next at 22 percent of the space.
The buyer
The PincusCo database currently indicates that Isamar Margareten owned at least two commercial properties with eight residential units in New York City with 18,355 square feet. Within the portfolio, the bulk, or 51 percent of the 18,355 square feet of built space are industrial properties, with walkup properties next occupying 49 percent of the space. They are all located in Brooklyn.
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