John Liebermann pays $3.2M for 3-family in Borough Park

John Liebermann through the entity 1518 50th Realty LLC paid $3.2 million to Yocheved Kohn and Hershel Wietschner through the entity 1518 50th Street Realty Company LLC for the three-unit building (C0) at 1518 50th Street in Borough Park, Brooklyn.
The deal closed on September 6, 2023 and was recorded on September 15, 2023. The property has 4,292 square feet of built space and 5,448 square feet of additional air rights for a total buildable of 9,734 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $751 and the price per buildable square foot is $331 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 Yocheved Kohn and Hershel Wietschner was Yocheved Kohn and Hershel Wietschner. The signatory for John Liebermann was John Liebermann. The contract date was August 21, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer John Liebermann had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yocheved Kohn 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 Yocheved Kohn, head officer and Gitty Herschlag, officer. The business entity is 1518 50th Street Realty Co Llc.

The property

The building with 3 residential units in Borough Park has 4,292 square feet of built space and 5,448 square feet of additional air rights for a total buildable of 9,734 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,006 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 $2.7 million.

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 received $80 in OATH penalties 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 block

On this tax block, PincusCo has identified the owners of two of the 20 commercial properties representing 52,360 square feet of the 98,515 square feet. The two identified owners are Josef Korn and David Nierenberg.
On the tax block, there were three new building construction projects totaling 31,353 square feet. The largest is an eight-unit, 17,380 square-foot residential (R-2) building submitted by Yecheskel Weingarten with plans filed November 19, 2015 and permitted December 29, 2015. The second largest is a four-unit, 8,808 square-foot residential (R-2) building submitted by Solomon Rubin with plans filed February 14, 2022 and permitted January 30, 2023.

The majority, or 51 percent of the 98,515 square feet of built space are elevator buildings, with mixed-use buildings next occupying 32 percent of the space.

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