Joel Iliovits pays $5M to Deergrow Developments for rental in Bushwick

Joel Iliovits through the entity 1191 Broadway Realty LLC paid $5 million to Deergrow Developments through the entity Deergrow Hancock LLC for the 10-unit rental (C7) at 1191 Broadway in Bushwick, Brooklyn.
The deal closed on October 28, 2021 and was recorded on November 26, 2021.
The property has 11,656 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $433 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 seller bought the property on April 4, 2016, for $1.4 million.
The signatory for Deergrow Developments was Elliot Horowitz. The signatory for Joel Iliovits was Joel Iliovits.
(321373697)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 10 residential units on May 9, 2018.
The former owners according to the Department of Housing Preservation and Development includes Mordechai Koslowitz, head officer and Yehudah Gruen, agent. The business entity was Dg 1191 Broadway.

Within a 400-foot radius of 1191 Broadway, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on December 10, 2019 for a 37,219-square-foot hotel (R-1) building with 147 residential units at 535 Van Buren Street.
Of those four items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $2.5 million. The most recent of these two items was the permit on November 10, 2020 for a 4,636-square-foot R-2 building with eight residential units at 550 Van Buren Street.
One of those four items was a loan which Moses Karpen, Samuel Berkowitz, and Moses Lefkowitz borrowed $5.2 million from Bank of Princeton secured by the 4,500-square-foot, three-unit three-family building (C0) on 1189 Broadway on September 17, 2021.

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