Joseph Ausch pays $8.2M to Vladislav Marom for new 23-unit rental in Flatbush

Joseph Ausch through the entity 2203 Clarendon Rd LLC paid $8.2 million to Vladislav Marom through the entity 2203 LLC for 23-unit residential elevator building at 2203 Clarendon Road in Flatbush, Brooklyn.
The deal closed on April 7, 2022 and was recorded on April 25, 2022.

The property has 22,025 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $374 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 5, 2017, for $1.9 million. The signatory for Vladislav Marom was Jeffrey Edelman. The signatory for Joseph Ausch was Joseph Ausch.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Joseph Ausch had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vladislav Marom had not purchased any other properties and had not sold any properties over the same time period.

The property

The 2203 Clarendon Road parcel has frontage of 50 feet and is 120 feet deep with a total lot size of 6,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 9, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Flatbush, the bulk, or 47 percent of the 51.8 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 17 percent of the space. In sales, Flatbush has had very little sales volume relative to other neighborhoods with $208.8 million in sales volume in the last two years. For development, Flatbush has near average amount of major developments among other neighborhoods and is the 20th highest in Brooklyn. It had 1 million 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 two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing 10,368 square feet of the 121,931 square feet. The identified owner is Edward Ostad. There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 201,424 square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 27 percent of the space.

Surrounding

Within a 400-foot radius of 2203 Clarendon Road, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit issued on January 22, 2021 for a 11,907-square-foot R-2 building with 15 residential units at 2316 Clarendon Road.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on February 1, 2022 for the $3.2 million renovation of 25,235-square-foot R-2 building with 23 residential units at 2184 Clarendon Road.
Of those five items, three were loans above $5 million totaling $136.6 million. The most recent of the three was Samuel Landau which borrowed $11.4 million from Popular Bank secured by the 0-square-foot development site (V0) on 2484 Bedford Avenue on March 29, 2022.

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