Judy Swimer, Faigy Fischman pay $4M for retail in Flatbush, second recent purchase

Judy Swimer and Faigy Fischman through the entity JS1024 LLC and FF1632 LLC paid $4 million to Mark Levy through the entity Roundtree Realty Corp for the retail building (K1) at 2625 Bedford Avenue in Flatbush, Brooklyn.
The deal closed on June 7, 2024 and was recorded on June 20, 2024. The property has 6,000 square feet of built space and 18,298 square feet of additional air rights for a total buildable of 24,297 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $665 and the price per buildable square foot is $164 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 Mark Levy was Mark Levy. The signatory for Judy Swimer and Faigy Fischman was Judy Swimer. The contract date was June 9, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyers Judy Swimer and Faigy Fischman purchased 600 Utica Avenue for $5 million and has no record they sold any properties over the past 24 months.
The seller Mark Levy had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Flatbush has 6,000 square feet of built space and 18,298 square feet of additional air rights for a total buildable of 24,297 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 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 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 neighborhood

In Flatbush, The majority, or 54 percent of the 37.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 22 percent of the space. In sales, Flatbush has near average sales volume among other neighborhoods with $281.4 million in sales volume in the last two years and is the 27th highest in Brooklyn. For development, Flatbush has 1.4 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 21 commercial properties representing 168,597 square feet of the 272,307 square feet. The largest owner is Thomas Forde, followed by Shlomo Sinay and then Olufemi Falade.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 272,307 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Judy Swimer owned at least one commercial property in New York City with 4,000 square feet and a city-determined market value of $873,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.
The PincusCo database currently indicates that Faigy Fischman owned at least one commercial property in New York City with 4,000 square feet and a city-determined market value of $873,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

Direct link to Acris document. link