Maguire Capital Group acquires office in Borough Park through $9.2M bankruptcy transfer

Ft Hamilton (Credit - Cyclomedia)

Ft Hamilton (Credit - Cyclomedia)

Maguire Capital Group, the former lender, through the entity FHP 26 LLC acquired from Joseph Fischman through the entity 4218 Partners LLC, the office building (O7) at 4218 Ft Hamilton Parkway in Borough Park, Brooklyn. The transfer was through a bankruptcy, with the transfer valued at $9.2 million.
The deal closed on September 20, 2023 and was recorded on September 28, 2023.
On the lot, there is one active new building construction project for a 102,263 square-foot B building. The project was submitted by Shabsi Pfeiffer with plans filed September 17, 2018 and it has not been permitted yet.
The seller bought the property on November 19, 2018, for $8.6 million. The signatory for Joseph Fischman was Joseph Fischman. The signatory for Maguire Capital Group was Marvin V. Azrak. The contract date was December 31, 2022. This is through a bankruptcy in the Eastern District in Brooklyn. 19-44444-NHL. Samuel Pfeiffer was managing member of the seller entity when it bought the property for $8.6 million in November 2018.

The property

The parcel has frontage of 101 feet and is 112 feet deep with a total lot size of 10,349 square feet. The lot is irregular. 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.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 1.4 times the average sales volume among other neighborhoods with $519.7 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 840,400 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, there were seven new building construction projects totaling 262,074 square feet. The largest is a 102,263 square-foot business (B) building submitted by Shabsi Pfeiffer with plans filed September 17, 2018 and it has not been permitted yet. The second largest is a 96,898 square-foot 57 building submitted by HCS and filed by Shulim Greenfeld with plans filed February 1, 2023 and it has not been permitted yet.

The majority, or 100 percent of the 7,350 square feet of built space are mixed-use buildings, with office buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Maguire Capital Group owned at least six commercial properties with 22 residential units in New York City with 25,455 square feet and a city-determined market value of $12.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5.7 million in debt, borrowed from Maspeth Federal Savings and Loan Association. Within the portfolio, the bulk, or 42 percent of the 25,455 square feet of built space are mixed-use properties, with walkup properties next occupying 41 percent of the space. The bulk, or 58 percent of the built space, is in Brooklyn, with Manhattan next at 42 percent of the space.

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