Lubavitch congregation pays $6M to David Gold for school in East Flatbush
The Lubovitch Congregation Bais Avrohom Yitzchok through the entity 305 Remsen Realty LLC paid $6 million to David Gold through the entity Remsen Associates Company LLC for the school building (W9) at 305 Remsen Avenue in East Flatbush, Brooklyn.
The deal closed on June 9, 2023 and was recorded on June 15, 2023. The property has 9,800 square feet of built space and 14,498 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 $612 and the price per buildable square foot is $246 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 David Gold was David Gold. The signatory for Congregation Bais Avrohom Yitzchok was David Jacobs.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Congregation Bais Avrohom Yitzchok had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David Gold purchased two properties in two transactions for a total of $6.3 million and had not sold any properties over the same time period.
The property
The specialty building in East Flatbush has 9,800 square feet of built space and 14,498 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 $1.2 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 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 had very little sales volume relative to other neighborhoods with $301.3 million in sales volume in the last two years. For development, East Flatbush has 2.2 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 2.3 million 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. There were four pre-foreclosure suit filed among other specialty buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 2,000 square feet of the 55,961 square feet. The identified owner is Young Sup Choi.
There are no active new building construction projects on this tax block.
The majority, or 55 percent of the 55,961 square feet of built space are walkup buildings, with retail buildings next occupying 24 percent of the space.
The seller
The PincusCo database currently indicates that David Gold owned at least one commercial property in New York City with 4,724 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Manhattan.
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