Jacob Fulop pays $5.5M for likely dev site in Bedford Stuyvesant

Jacob Fulop paid $5.5 million to Israel Chaplin for three contiguous, mixed-use buildings in Bedford Stuyvesant, Brooklyn, at 1439 Fulton Street, 1445 Fulton Street and 484 Tompkins Avenue, which make up the corner of Fulton Street and Tompkins Avenue. PincusCo expects this to be a development site based on the large amount of air rights.

Jacob Fulop through the entity 1439 Lofts LLC paid $1.8 million to Israel Chaplin through the entity Itc Bargain Store, Inc. for the mixed-use building (S9) at 1439 Fulton Street in Bedford Stuyvesant, Brooklyn.
The deal closed on April 18, 2024 and was recorded on May 3, 2024. The property has 4,860 square feet of built space and 12,695 square feet of additional air rights for a total buildable of 17,539 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $377 and the price per buildable square foot is $104 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 Israel Chaplin was Israel Chaplin. The signatory for Jacob Fulop was Jacob Fulop. The contract date was April 18, 2024.

Jacob Fulop through the entity 484 Lofts LLC paid $1.8 million to Israel Chaplin through the entity Itc Bargain Store, Inc. for the retail building (K1) at 484 Tompkins Avenue in Bedford Stuyvesant, Brooklyn. The deal closed on April 18, 2024 and was recorded on May 3, 2024. The property has 1,700 square feet of built space and 10,744 square feet of additional air rights for a total buildable of 12,432 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,078 and the price per buildable square foot is $147 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 Israel Chaplin was Israel Chaplin. The signatory for Jacob Fulop was Jacob Fulop. The contract date was April 18, 2024.

Jacob Fulop through the entity 1445 Lofts LLC paid $1.8 million to Israel Chaplin through the entity Itc Bargain Store, Inc. for the two-unit mixed-use building (K4) at 1445 Fulton Street in Bedford Stuyvesant, Brooklyn. The deal closed on April 18, 2024 and was recorded on May 3, 2024. The property has 3,024 square feet of built space and 5,172 square feet of additional air rights for a total buildable of 8,198 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $606 and the price per buildable square foot is $223 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 Israel Chaplin was Israel Chaplin. The signatory for Jacob Fulop was Jacob Fulop. The contract date was April 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jacob Fulop purchased eight properties in eight transactions for a total of $53.3 million and sold four properties in four transactions for a total of $23.4 million over the past 24 months.
The seller Israel Chaplin had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Bedford Stuyvesant has 4,860 square feet of built space and 12,695 square feet of additional air rights for a total buildable of 17,539 square feet according to a PincusCo analysis of city data. The parcel has frontage of 54 feet and is 77 feet deep with a total lot size of 4,176 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $563,000.

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 $1,250 in ECB penalties and $1,880 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 neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 10th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.3 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 15 of the 28 commercial properties representing 187,092 square feet of the 242,257 square feet. The largest owner is Urban Standard Capital, followed by Sophia Green-Mckenzie and then Royston E. Jeffrey.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 242,257 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Jacob Fulop owned at least 25 commercial properties with 206 residential units in New York City with 232,183 square feet and a city-determined market value of $44.9 million. (Market value is typically about 50% of actual value.) The portfolio has $120.5 million in debt, with top three lenders as Bank of Princeton, Bank Leumi, and Republic Bank respectively. Within the portfolio, the bulk, or 45 percent of the 232,183 square feet of built space are walkup properties, with elevator properties next occupying 24 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Manhattan next at 11 percent of the space.