Maheschand Ratanji pays $11M to Jack Braha for property in Flatbush

Maheschand Ratanji through the entity Flatbush Hotel LLC paid Jack Braha’s SY Group I LLC $11.2 million for 1024 Flatbush Avenue in Flatbush. The deal closed on August 19, 2020, and was recorded on September 2, 2020. The transaction consists of 1 parcel, including the tax class transient occupancy hotel (H3) and containing 69 residential units. The property is 37,744 square feet. The parcel(s) have total development potential of 37,744 square feet.
The sale price per unit is $161,957.

This is a project to convert to a 74-unit hotel. The project was filed in 2011 and the developers filed for an initial TCO in February 2020. The contract date was August 19, 2020, the same as the closing date.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4,082,121. Those filings sought to increase the number of residential units by 74 to 74 There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $1,973,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Maheschan Ratanji