Judy Swimer, Faigy Fischman pay $5M for retail in East Flatbush

Judy Swimer and Faigy Fischman through the entity Ff1632 LLC paid $5 million for the retail building (K1) at 600 Utica Avenue in East Flatbush, Brooklyn.
The deal closed on May 30, 2024 and was recorded on June 7, 2024. The property has 4,000 square feet of built space and 30,339 square feet of additional air rights for a total buildable of 34,282 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,250 and the price per buildable square foot is $145 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 Leslie Spodek was Leslie Spodek. The signatory for Judy Swimer and Faigy Fischman was Judy Swimer and Faigy Fischman. The contract date was January 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Judy Swimer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Leslie Spodek had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in East Flatbush has 4,000 square feet of built space and 30,339 square feet of additional air rights for a total buildable of 34,282 square feet according to a PincusCo analysis of city data. The parcel has frontage of 140 feet and is 122 feet deep with a total lot size of 17,141 square feet. The lot is irregular. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial. The city-designated market value for the property in 2022 is $873,000.

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 East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.4 times the average sales volume among other neighborhoods with $369.2 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, East Flatbush has 1.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.7 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 one of the six commercial properties representing zero square feet of the 11,360 square feet. The identified owner is Monadnock Development.
On the tax block, there was one new building construction project filed totaling 338,611 square feet. It is a 321-unit, 338,611 square-foot residential (R-2) building submitted by Brookdale Hospital Medical Center and filed by Tony Renteria with plans filed January 5, 2022 and permitted March 26, 2024.

The majority, or 97 percent of the 11,360 square feet of built space are retail buildings, with industrial buildings next occupying 3 percent of the space.

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