Kalman Sinay pays $2.5M for mixed-use in Clinton Hill

Kalman Sinay through the entity 408 Myrtle Realty LLC paid $2.5 million to Shlomo Khodara through the entity 408 Myrtle Ave LLC for two-unit mixed-use building (S2) at 408 Myrtle Avenue in Clinton Hill, Brooklyn.
The deal closed on February 27, 2023 and was recorded on March 10, 2023. The property has 3,775 square feet of built space and 2,791 square feet of additional air rights for a total buildable of 6,568 square feet according to PincusCo analysis of city data. The sale price per built square foot is $649 and the price per buildable square foot is $373 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 May 3, 2018, for $2.6 million. The signatory for Shlomo Khodara was Shlomo Khodara. The signatory for Kalman Sinay was Kalman Sinay. Traded reported on the deal.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kalman Sinay had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shlomo Khodara 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 Shlomo Khodara, head officer and Eric Michael, agent. The business entities are Atlas Nyc Property Management, Llc and 408 Myrtle Avenue, Llc.

The property

The 408 Myrtle Avenue parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,642 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $2.9 million judgment concerning a sale contract filed on December 27, 2022, by Neue Urban and Zachary Ehrlich against Shlomo Khodara. 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 $5 million on this tax lot.

The neighborhood

In Clinton Hill, the bulk, or 33 percent of the 10.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Clinton Hill has near average sales volume among other neighborhoods with $337.1 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Clinton Hill has had very little major development activity relative to other neighborhoods.It had 569,134 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 16 commercial properties representing 36,785 square feet of the 159,182 square feet. The largest owner is Tatiana Calvo, followed by Sutton Management and then Bachelard, Jeanne- Marie Suzanne.
there are no active new building construction projects on this tax block.

The majority, or 60 percent of the 159,182 square feet of built space are walkup buildings, with elevator buildings next occupying 20 percent of the space.

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