Jacob Rosenberg pays $3.65M for 3 properties in East New York

Jacob Rosenberg through the entity 2730 Atlantic Partners LLC paid $3.65 million to Michael DiLorenzo through the entity 2732 Atlantic Ave. Holding Corp. for the store building 2730 Atlantic Avenue and the industrial buildings at 2732 to 2734 Atlantic Avenue in East New York, Brooklyn. The buyer made the purchases in two transactions, one for $2.85 million for 2732 to 2734 Atlantic Avenue and the other for $800,000 for 2730 Atlantic Avenue.
The deal closed on December 27, 2024 and was recorded on January 21, 2025.

The two properties 2732 to 2734 Atlantic Avenue have 5,000 square feet of built space and 25,441 square feet of additional air rights for a total buildable of 30,449 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $570 and the price per buildable square foot is $93 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 Michael DiLorenzo was Michael DiLorenzo. The signatory for Jacob Rosenberg was Jacob Rosenberg. The contract date was April 12, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jacob Rosenberg purchased one property in one transaction for a total of $2 million and has no record it sold any properties over the past 24 months.
The seller Michael DiLorenzo had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in East New York has 5,000 square feet of built space and 25,441 square feet of additional air rights for a total buildable of 30,449 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 101 feet deep with a total lot size of 2,529 square feet. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $333,000.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $3 million money judgment concerning a ground lease filed on December 5, 2023, by Michael DiLorenzo against Abraham Jacobowitz. In addition, according to city public data, the properties have 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 $1 million on this tax lot.

The neighborhood

In East New York, The bulk, or 40 percent of the 44.6 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has near average sales volume among other neighborhoods with $292.5 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, East New York is the 9th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 2734 Atlantic Avenue, PincusCo has identified the owners of five of the 19 commercial properties representing 19,594 square feet of the 63,876 square feet. The largest owner is Claudiu Fatu, followed by Abraham Jacobowitz and then Abe Jacobs.
On the tax block, there were three new building construction projects totaling 23,757 square feet. The largest is a six-unit, 11,834 square-foot residential (R-2) building submitted by Michael Rosenberg with plans filed May 17, 2022 and permitted August 23, 2024. The second largest is a 10-unit, 6,952 square-foot residential (R-2) building submitted by Guy Shor with plans filed September 20, 2019 and it has not been permitted yet.

The majority, or 48 percent of the 63,876 square feet of built space are walkup buildings, with mixed-use buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Jacob Rosenberg owned at least six commercial properties with 131 residential units in New York City with 46,259 square feet and a city-determined market value of $7.5 million. (Market value is typically about 50% of actual value.) The portfolio has $78.3 million in debt, with top three lenders as Popular Bank, Citibank, and CLDDJ Investors Group respectively. Within the portfolio, the bulk, or 55 percent of the 46,259 square feet of built space are walkup properties, with development properties next occupying 27 percent of the space. They are all located in Brooklyn.

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