Ismailj Demirovic pays $3.6M to Bethlehem Lutheran Church for 32-unit walkup in Bay Ridge

Ismailj Demirovic through the entity I & Aee Demiri Realty LLC paid $3.6 million to Bethlehem Lutheran Church for the 32-unit walkup (C1) at 419 Ovington Avenue in Bay Ridge, Brooklyn.
The deal closed on March 22, 2023 and was recorded on March 28, 2023. The property has 25,650 square feet of built space according to the PincusCo analysis of city data. The sale price per built square foot is $140 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 Bethlehem Lutheran Church was Allen Koehler. The signatory for Ismailj Demirovic was Ismailj Demirovic.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Ismailj Demirovic had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bethlehem Lutheran Church 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 Lorraine Tuccillo, head officer and Keith Werny, officer. The business entities are Firstservice Residential and Bethlehem Lutheran Church. The 25,650-square-foot property generated revenue of $376,885 or $15 per square foot, according to the most recent income and expense figures.

The property

The 419 Ovington Avenue parcel has frontage of 50 feet and is 170 feet deep with a total lot size of 8,622 square feet. The zoning is R3X which allows for up to 0.5 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 two DOB violations, $3,125 in ECB penalties, 24 housing violations, and $3,125 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 25 commercial properties representing 57,999 square feet of the 240,620 square feet. The largest owner is Jack Chulengarian, followed by HENRY & RICHARD KIMINC of HENRY KIM and then Alexandra Koeppel.
there are no active new building construction projects on this tax block.

The majority, or 33 percent of the 240,620 square feet of built space are mixed-use buildings, with specialty buildings next occupying 31 percent of the space.

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