Jacob Hirsch pays $4.5M for development parcels in Sheepshead Bay
Jacob R. Hirsch paid $4.5 million to Alex Tsatskis for two adjacent parcels in Sheepshead Bay, Brooklyn, in two separate transactions.
In the first, Hirsch through the entity P And 21 LLC paid $2.25 million to Alex Tsatskis through the entity Avenue P Trust for midblock development building at 2112 Avenue P in Sheepshead Bay, Brooklyn.
The deal closed on February 17, 2022 and was recorded on March 22, 2022.The property has zero square feet of built space and 16,000 square feet of additional air rights for a total buildable of 16,000 square feet according to PincusCo analysis of city data. The sale price per buildable 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 seller bought the property on December 30, 2004, for $200,000. The signatory for Alex Tsatskis was Alex Tsatskis. The signatory for Jacob R. Hirsch was Jacob R. Hirsch.
In the second transaction, Hirsch through the entity P And 21 LLC paid $2.2 million to Alex Tsatskis through the entity Esod Trust for midblock mixed-use building at 2108 Avenue P in Sheepshead Bay, Brooklyn.
The deal closed on February 17, 2022 and was recorded on March 22, 2022. The property has 2,920 square feet of built space and 13,080 square feet of additional air rights for a total buildable of 16,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $770 and the price per buildable 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 seller bought the property on March 22, 2005, for $905,000. The signatory for Alex Tsatskis was Alex Tsatskis. The signatory for Jacob R. Hirsch was Jacob R. Hirsch.
The property
The 2112 Avenue P parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 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 $311,000.
Violations and lawsuits
The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant 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 Sheepshead Bay, the bulk, or 42 percent of the 62.1 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 33 percent of the space. In sales, Sheepshead Bay has 1.4 times the average sales volume among other neighborhoods with $395.1 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 704,512 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the 15 commercial properties representing 25,350 square feet of the 93,734 square feet. The two identified owners are Yaakov Roth and 2116 Avenue P Management LLC.
The majority, or 46 percent of the 140,250 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 44 percent of the space.
Surrounding
Within a 400-foot radius of 2112 Avenue P, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $11.4 million. The most recent of the two was Moshe Piller which borrowed $5.8 million from Signature Bank secured by the 50,800-square-foot, 61-unit rental (D7) on 2000 Kings Highway on July 6, 2021.
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