Magdy Baskharoun pays $4.5M for 27-unit walkup in Bensonhurst

Magdy Baskharoun through the entity 1965 Group Realty LLC paid $4.5 million to Lucia O. Raviele, Rosalia A. Koopman, and Mariateresa Libretti through the entity Antonio G Raviele Premises Trust Irrevocable for the 27-unit residential walkup building (C1) at 1965 Bay Ridge Avenue in Bensonhurst, Brooklyn.
The deal closed on January 4, 2023 and was recorded on January 12, 2023. The property has 23,680 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $190 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 Lucia O. Raviele, Rosalia A. Koopman, and Mariateresa Libretti was Lucia O. Raviele, Rosalia A. Koopman, and Mariateresa Libretti. The signatory for Magdy Baskharoun was Magdy Baskharoun.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Magdy Baskharoun had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lucia O. Raviele 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 Antonio Raviele Trust, individual owner and Timmy Bardhoci, site manager. The 23,680-square-foot property generated revenue of $393,608 or $17 per square foot, according to the most recent income and expense figures.

The property

The 1965 Bay Ridge Avenue parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $100 in OATH penalties 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 block

On this tax block, PincusCo has identified the owners of three of the 14 commercial properties representing 10,674 square feet of the 153,434 square feet. The largest owner is Xi He Lin, followed by Vincent Vasta and then Francesco Coluccio.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 153,434 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

Direct link to Acris document. link