Maggy Karawia pays $1.5M for 6-unit walkup in Bushwick

Maggy Karawia through the entity Hart Property Services LLC paid $1.5 million to Jonathan More, Joan Wormser, and Michael Feldman through the entity 865 Hart Partners LLC for the six-unit residential walkup building (C2) at 865 Hart Street in Bushwick, Brooklyn.
The deal closed on February 6, 2023 and was recorded on February 9, 2023. The property has 5,250 square feet of built space and 825 square feet of additional air rights for a total buildable of 6,075 square feet according to PincusCo analysis of city data. The sale price per built square foot is $286 and the price per buildable square foot is $247 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 July 25, 2016, for $1.6 million. The signatory for Jonathan More, Joan Wormser, and Michael Feldman was Jonathan More, Joan Wormser, and Michael Feldman. The signatory for Maggy Karawia was Maggy Karawia.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Maggy Karawia had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jonathan More had not purchased any other properties and sold one property in one transaction for a total of $2.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jonathan More, head officer and Michael Feldman, officer. The business entities are Jm Realty Services Corp and Perpetuity Partners Llc.

The property

The 865 Hart Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $944,000.

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 32 housing violations and $1,850 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 22 of the 47 commercial properties representing 134,325 square feet of the 268,103 square feet. The largest owner is Shloma Stuhl, followed by Seema Singh and then Anthony Dirusso.
On the tax block, there was one new building construction project filed totaling 8,562 square feet. It is a seven-unit, 8,562-square-foot R-2 building developed by Cody But with plans filed January 16, 2020 and permitted June 13, 2022.

The majority, or 81 percent of the 268,103 square feet of built space are walkup buildings, with mixed-use buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Joan Wormser owned at least one commercial property in New York City with 5,250 square feet and a city-determined market value of $944,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
The PincusCo database currently indicates that Jonathan More owned at least one commercial property in New York City with 5,250 square feet and a city-determined market value of $944,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
The PincusCo database currently indicates that Michael Feldman owned at least one commercial property in New York City with 98,800 square feet and a city-determined market value of $24.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single D4 property. It is located in Manhattan.

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