Jacob Zicherman pays $3.1M for dev site in Brownsville

Jacob Zicherman through the entity Livonia Ave Estates LLC paid $3.1 million to Meir Rosenbaum through the entity 126-144 Livonia Ave LLC for the development building (V0) at 126-144 Livonia Avenue in Brownsville, Brooklyn.

Isaac Rosenberg, on February 28, filed a permit application for construction of a 52-unit, 51,192-square-foot mixed-use building at 128 Livonia Avenue in Brownsville, Brooklyn.

The deal closed on January 22, 2024 and was recorded on January 30, 2024. The seven properties have zero square feet of built space and 34,005 square feet of additional air rights for a total buildable of 34,005 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $92 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 Meir Rosenbaum was Meir Rosenbaum. The signatory for Jacob Zicherman was Jacob Zicherman. The contract date was January 22, 2024.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on N/A Livonia Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jacob Zicherman purchased three properties in three transactions for a total of $5.3 million and has no record it sold any properties over the past 24 months.
The seller Meir Rosenbaum had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 16 feet and is 100 feet deep with a total lot size of 1,866 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $328,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

On these lots, there are eight active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 79,269 square feet. The largest is a new building project for a 52-unit, 51,192 square-foot R-2 building submitted by Isaac Rosenberg and filed by Isaac Rosenberg with plans filed February 28, 2022 and permitted May 17, 2022. The second largest is a new building project for a seven-unit, 4,515 square-foot R-2 building submitted by 126-144 Livonia Ave Llc with plans filed June 15, 2017 and it has not been permitted yet.

The neighborhood

In Brownsville, The bulk, or 46 percent of the 28.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has had very little sales volume relative to other neighborhoods with $164.9 million in sales volume in the last two years. For development, Brownsville has had very little major development activity relative to other neighborhoods.It had 846,301 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block, there were eight new building construction projects totaling 79,269 square feet. The largest is a 52-unit, 51,192 square-foot residential (R-2) building submitted by Isaac Rosenberg and filed by Isaac Rosenberg with plans filed February 28, 2022 and permitted May 17, 2022. The second largest is a seven-unit, 4,515 square-foot residential (R-2) building submitted by 126-144 Livonia Ave Llc with plans filed June 15, 2017 and it has not been permitted yet.

The majority, or 61 percent of the 9,758 square feet of built space are industrial buildings, with mixed-use buildings next occupying 39 percent of the space.

The buyer

The PincusCo database currently indicates that Jacob Zicherman owned at least three commercial properties with 18 residential units in New York City with 15,837 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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