Jilbert El-Zmetr pays $1.6M for office, retail in Bedford Stuyvesant

Jilbert El-Zmetr through the entity 304amx Group LLC paid $1.6 million to Dahlia Kalter through the entity Bed Stuy Malcom X Blvd Partners LLC for the office building (O8) at 304A Malcolm X Boulevard in Bedford Stuyvesant, Brooklyn.
The deal closed on May 10, 2024 and was recorded on May 24, 2024. The property has 2,910 square feet of built space and 1,224 square feet of additional air rights for a total buildable of 4,128 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $567 and the price per buildable square foot is $399 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 the buyer was Jilbert El-Zmetr, and for the seller was Dahlia Kalter. The contract date was February 5, 2024.
The seller Dahlia Kalter Nordlicht bought the property along with 306 Malcolm X Boulevard and 308 Malcolm X Boulevard on December 8, 2022, for $2 million. A review of city records shows those two buildings have not sold as of publication date.

Prior sales and revenue

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

The property

The office building with 1 residential units in Bedford Stuyvesant has 2,910 square feet of built space and 1,224 square feet of additional air rights for a total buildable of 4,128 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 86 feet deep with a total lot size of 1,376 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Bedford Stuyvesant / Expanded Stuyvesant Heights Historic District. The city-designated market value for the property in 2022 is $345,000.

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 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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.2 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 61,127 square feet of the 100,333 square feet. The largest owner is Felicia Colon, followed by Dahlia Kalter and then Charles Atwell.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 100,333 square feet of built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Dahlia Kalter owned at least three commercial properties with three residential units in New York City with 9,565 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. They are all located in Brooklyn.

Direct link to Acris document. link