Jacob Lunger pays $11.4M to tax-medallion family for property in East Flatbush

Jacob Lunger and others through the entity 44 Remsen Ave LLC paid $11.4 million to long-time cab medallion owners Lawrence Pross and Sophie Pross through the entity Inglary Inc. for the property at 465 Utica Avenue in East Flatbush, Brooklyn, property at 44 Remsen Avenue in East Flatbush, Brooklyn, and parking lot on East 51st Street in East Flatbush, Brooklyn. The properties are all adjacent to one another.
The deal closed on April 4, 2024 and was recorded on April 12, 2024. The three properties have 10,790 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,056 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 signatories for the buyer were Jacob Lunger, Israel Lunger, Peryl Lunger and Malka Lunger.
Sophie Pross acquired the property in 1989. The Pross family owned a number of taxi medallions, and placed at least one of their entities in bankruptcy in 2020.

The property

PincusCo cannot determine the lot area of the N/A East 51st Street parcel at this time. The city-designated market value for the property in 2022 is $880,000.
The parcel has a total lot size of 9,420 square feet. The city-designated market value for the property in 2022 is $800,000.
The parcel has a total lot size of 1,370 square feet. The city-designated market value for the property in 2022 is $126,000.

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, PincusCo has identified the owners of four of the 15 commercial properties representing 24,061 square feet of the 59,541 square feet. The largest owner is Briard Group, followed by Platinum Realty Associates and then Signature Investment Group.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 59,541 square feet of built space are industrial buildings, with mixed-use buildings next occupying 37 percent of the space.

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