Karishma Moorjani pays $2.4M for two mixed-use properties in Brownsville

Karishma Moorjani through the entity 1788 Pitkin LLC paid $2.4 million to Chana Lerner through the entity Mod 1784 LLC for the two two-unit mixed-use buildings (S2) at 1784 and 1788 Pitkin Avenue in Brownsville, Brooklyn. The expected use is cash flowing.
The deal closed on October 21, 2024 and was recorded on November 12, 2024. The two properties have 8,250 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $293 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 Chana Lerner was Chana Lerner. The signatory for Karishma Moorjani was Karishma Moorjani. The contract date was July 23, 2024.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1788 Pitkin Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Karishma Moorjani had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Chana Lerner had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Hanny Lerner, head officer. The business entity is Mod 1784 Llc.

The property

The mixed-use buildings with 4 residential units in Brownsville has 8,250 square feet of built space according to a PincusCo analysis of city data. The parcels each have frontage of 25 feet and are 55 feet deep with a total lot size of 2,750 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received six housing violations and $1,205 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 Brownsville, The bulk, or 46 percent of the 28.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has had very little sales volume relative to other neighborhoods with $203.9 million in sales volume in the last two years. For development, Brownsville has 1.2 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.3 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 the tax block of 1788 Pitkin Avenue, PincusCo has identified the owners of two of the 15 commercial properties representing zero square feet of the 56,725 square feet. The two identified owners are Jacob Landau and Vechskel Weiss.
On the tax block, there were three new building construction projects totaling 92,746 square feet. The largest is a 62-unit, 74,380 square-foot residential (R-2) building submitted by TOT Developers and filed by Jacob Landau with plans filed May 1, 2020 and permitted June 3, 2022. The second largest is a 9,760 square-foot business (B) building submitted by Lazar Feygin with plans filed November 2, 2015 and it has not been permitted yet.

The majority, or 40 percent of the 56,725 square feet of built space are mixed-use buildings, with walkup buildings next occupying 23 percent of the space.

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