Joel Weiss pays $4.1M for mixed-use in Clinton Hill

Joel Weiss through the entity 572 Myrtle Realty LLC paid $4.1 million to Farzin Kimiabakhsh through the entity Myrtle Key LLC for the two-unit mixed-use building (S2) at 572 Myrtle Avenue and the two-unit mixed-use building (S2) at 572A Myrtle Avenue in Clinton Hill, Brooklyn. The expected use is cash flowing.
The deal closed on February 6, 2025 and was recorded on February 13, 2025. The two properties have 4,101 square feet of built space and 9,624 square feet of additional air rights for a total buildable of 13,724 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $999 and the price per buildable square foot is $298 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 Farzin Kimiabakhsh was Farzin Kimiabakhsh. The signatory for Joel Weiss was Daniel Cohen . The contract date was December 17, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Joel Weiss purchased three properties in three transactions for a total of $6.7 million and sold one property in one transaction for a total of $1.3 million over the past 24 months.
The seller Farzin Kimiabakhsh had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Rastegar, head officer and Daniel Kimia, officer. The business entity is Myrtle Key Llc.

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

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 Clinton Hill, The bulk, or 34 percent of the 10.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Clinton Hill has near average sales volume among other neighborhoods with $297.9 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, Clinton Hill has had very little major development activity relative to other neighborhoods.It had 190,138 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 572A Myrtle Avenue, PincusCo has identified the owners of two of the 15 commercial properties representing 10,803 square feet of the 171,787 square feet. The two identified owners are Anthony Cerullo and Namdar Realty Group.
On the tax block, there were four new building construction projects totaling 260,243 square feet. The largest is a 142-unit, 119,307 square-foot residential (R-2) building submitted by Quinlan Development Group and filed by Gerald Keucher with plans filed September 30, 2016 and permitted July 20, 2021. The second largest is a 81-unit, 70,336 square-foot residential (R-2) building submitted by Nikant Ohri with plans filed August 13, 2020 and it has not been permitted yet.

The majority, or 38 percent of the 171,787 square feet of built space are hotel buildings, with walkup buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Farzin Kimiabakhsh owned at least six commercial properties with one residential unit in New York City with 45,825 square feet and a city-determined market value of $8.3 million. (Market value is typically about 50% of actual value.) The portfolio has $7.2 million in debt, borrowed from Habib American Bank. Within the portfolio, the bulk, or 97 percent of the 45,825 square feet of built space are retail properties, with mixed-use properties next occupying 3 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Joel Weiss owned at least six commercial properties with 57 residential units in New York City with 61,749 square feet and a city-determined market value of $6.9 million. (Market value is typically about 50% of actual value.) The portfolio has $15.8 million in debt, borrowed from Popular Bank and Ridgewood Savings Bank. Within the portfolio, the bulk, or 60 percent of the 61,749 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. The bulk, or 72 percent of the built space, is in Bronx, with Brooklyn next at 28 percent of the space.

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