Joseph Setton, Jaizer Equities pay $5.4M for possible Ocean Parkway dev sites in Midwood

Joseph Setton and Jaizer Equities paid $5.4 million to two sellers in two transactions for two-family buildings at 1288 Ocean Parkway and 1284 Ocean Parkway in Midwood, Brooklyn. The expected use ground up development but that was not confirmed. There have been several ground up developments on the block in recent years.

In the first transaction, Joseph Setton and Jaizer Equities through the entity 1288 Op LLC paid $2.7 million to Alan Jacob Sandalow through the entity 1288 Ocean Parkway, LLC for the two-unit building (B2) at 1288 Ocean Parkway in Midwood, Brooklyn.
The deal closed on January 17, 2025 and was recorded on January 22, 2025. The property has 3,080 square feet of built space and 10,881 square feet of additional air rights for a total buildable of 13,950 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $884 and the price per buildable square foot is $195 per the PincusCo analysis. The signatory for Alan Jacob Sandalow was Alan Jacob Sandalow.

In the second transaction, Joseph Setton and Jaizer Equities through the entity 1284 Op LLC paid $2.7 million to Harold Forspan through the entity 1284 Ocean Parkway LLC for the two-unit building (B2) at 1284 Ocean Parkway in Midwood, Brooklyn.
The deal closed on January 17, 2025 and was recorded on January 22, 2025. The property has 3,080 square feet of built space and 10,177 square feet of additional air rights for a total buildable of 13,275 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $876 and the price per buildable square foot is $203 per the PincusCo analysis.

The signatory for Joseph Setton and Jaizer Equities was Joseph Aizer. The contract date for both transactions was August 17, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Joseph Setton purchased two properties in two transactions for a total of $5.1 million and has no record it sold any properties over the past 24 months.
The seller Alan Jacob Sandalow had not purchased any other properties and had not sold any properties over the same time period.

The property

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 $2.1 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 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 block

On this tax block, PincusCo has identified the owners of seven of the 11 commercial properties representing 66,232 square feet of the 93,181 square feet. The largest owner is Al Green, followed by Eliot Y. Ghatan and then Slope Asset Management.
On the tax block, there was one new building construction project filed totaling 62,989 square feet. It is a 28-unit, 62,989 square-foot residential (R-2) building submitted by Lay Assets and filed by Eddie Yair with plans filed November 3, 2023 and permitted July 9, 2024.

The majority, or 73 percent of the 93,181 square feet of built space are elevator buildings, with mixed-use buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Joseph Setton owned at least two commercial properties with four residential units in New York City with 4,730 square feet and a city-determined market value of $3.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 53 percent of the 4,730 square feet of built space are B1 properties, with B2 properties next occupying 47 percent of the space. They are all located in Brooklyn.

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