JSAF Capital pays $3.8M for 7-unit walkup in Gowanus

JSAF Capital through the entity 526-528 4th Ave, LLC paid $3.8 million to Cirtian Bruce through the entity Phizer & Plitzer 181 Realty Inc. for the seven-unit residential walkup building (C7) at 526 4th Avenue in Gowanus, Brooklyn.
The deal closed on November 17, 2023 and was recorded on November 27, 2023. The property has 8,456 square feet of built space and 7,103 square feet of additional air rights for a total buildable of 15,549 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $443 and the price per buildable square foot is $241 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 Cirtian Bruce was Cirtian Bruce. The signatory for JSAF Capital was Joseph Safdie. The contract date was September 6, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer JSAF Capital purchased two properties in one transaction for a total of $8.1 million and has no record it sold any properties over the past 24 months.
The seller Cirtian Bruce 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 Cirtian Bruce, head officer and Lana Fraser, site manager. The business entity is Phizer & Plitzer.

The property

The residential walkup building with 7 residential units in Gowanus has 8,456 square feet of built space and 7,103 square feet of additional air rights for a total buildable of 15,549 square feet according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 86 feet deep with a total lot size of 2,583 square feet. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times 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 received four DOB violations, $3,750 in ECB penalties, and $5,880 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 one of the 15 commercial properties representing 6,720 square feet of the 102,984 square feet. The identified owner is Nicholas Valentino.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 102,984 square feet of built space are walkup buildings, with hotel buildings next occupying 24 percent of the space.

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