Jacob Landau pays $11.5M for 123-unit dev site in Cypress Hills

Jacob Landau through the entity 50 Sackman LLC paid $11.5 million to Anthony J. Caggiano through the entity Kinsella Realty Inc for the development site at 2246 Fulton Street also known as 50 Sackman Street, in Cypress Hills, Brooklyn.
On the lot, there is one active new building construction project for a 123-unit, 83,976 square-foot residential (R-2) building. The project was submitted by TOT Developers and filed by Dov Strohli and Jacob Landau with plans filed December 29, 2021 and permitted May 26, 2022.
The deal closed on May 23, 2024 and was recorded on June 6, 2024. The property has 15,000 square feet of built space and 48,000 square feet of additional air rights for a total buildable of 63,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $766 and the price per buildable square foot is $182 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 Anthony J. Caggiano was Seth Bailin. The signatory for Jacob Landau was Jacob Landau. The contract date was November 23, 2020.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jacob Landau purchased one property in one transactions for a total of $1.4 million and sold one property in one transactions for a total of $6.5 million over the past 24 months.
The seller Anthony J. Caggiano had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Cypress Hills has 15,000 square feet of built space and 48,000 square feet of additional air rights for a total buildable of 63,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,000 square feet. The zoning is M1-4/R7D which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 4.2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 million.

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 $1,000 in OATH penalties in the last year.

The neighborhood

In Cypress Hills, The bulk, or 24 percent of the 8.6 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 20 percent of the space. In sales, Cypress Hills has had very little sales volume relative to other neighborhoods with $77.3 million in sales volume in the last two years. For development, Cypress Hills has near average amount of major developments among other neighborhoods and is the 15th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing 15,000 square feet of the 54,233 square feet. The identified owner is Jacob Landau.

The majority, or 48 percent of the 54,233 square feet of built space are industrial buildings, with walkup buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Jacob Landau owned at least five commercial properties with 98 residential units in New York City with 102,834 square feet and a city-determined market value of $7.9 million. (Market value is typically about 50% of actual value.) The portfolio has $27.2 million in debt, borrowed from Popular Bank and Starwood Mortgage Capital. Within the portfolio, the bulk, or 44 percent of the 102,834 square feet of built space are elevator properties, with walkup properties next occupying 41 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Manhattan next at 35 percent of the space.

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