Kingsland Properties pays $2.4M for dev site in Bedford Stuyvesant

Kingsland Properties through the entity Kingsland Lafayette LLC paid $2.4 million to Noam Amos through the entity 575 Lafayette Gardens, LLC for three adjacent development parcels (V0) at approximately 551 Lafayette Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on October 25, 2023 and was recorded on November 6, 2023. The three properties have zero square feet of built space and 9,544 square feet of additional air rights for a total buildable of 9,544 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $251 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 Noam Amos was Noam Amos. The signatory for Kingsland Properties was Rashid Ali. The contract date was July 3, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kingsland Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Noam Amos purchased one property in one transaction for a total of $2.5 million and had not sold any properties over the same time period.

The property

The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing.

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 $625 in ECB penalties and $625 in OATH penalties in the last year.

Development

On these lots, there are four active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 21,455 square feet. The largest is a new building project for a seven-unit, 6,500 square-foot R-2 building submitted by Noam Amos with plans filed October 27, 2022 and it has not been permitted yet. The second largest is a new building project for a six-unit, 6,263 square-foot R-2 building submitted by Noam Amos with plans filed October 27, 2022 and it has not been permitted yet.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Bedford Stuyvesant has 2.9 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On the tax block, PincusCo has identified the owners of five of the 19 commercial properties representing 86,339 square feet of the 165,915 square feet. The largest owner is Judy Gottlieb, followed by Herman Jacobowitz and then Aron Karpen.
On the tax block, there were four new building construction projects totaling 21,455 square feet. The largest is a seven-unit, 6,500 square-foot residential (R-2) building submitted by Noam Amos with plans filed October 27, 2022 and it has not been permitted yet. The second largest is a six-unit, 6,263 square-foot residential (R-2) building submitted by Noam Amos with plans filed October 27, 2022 and it has not been permitted yet.

The majority, or 32 percent of the 165,915 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Noam Amos owned at least one commercial property with four residential units in New York City with 2,800 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C3 property. It is located in Brooklyn.

Direct link to Acris document. link