Malky Feig pays $15.1M to Jacob Fulop for development in Borough Park

Malky Feig through the entity Binyin 1502 LLC paid $15.1 million to Jacob Fulop through the entity 15th Ave Lofts LLC for development building (V0) at 1502-1504 46th Street in Borough Park, Brooklyn.

On the lot, there is one active new building construction project for a eight-unit, 18,604 square-foot R-2 building. The project was developed by Isaac Stern with plans filed March 29, 2017 and permitted September 8, 2020.
The deal closed on January 6, 2023 and was recorded on January 10, 2023.
The seller bought the property on August 20, 2020, for $3.8 million. The signatory for Jacob Fulop was Jacob Fulop. The signatory for Malky Feig was Malky Feig. The contract date was April 1, 2022.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Malky Feig purchased one properties in one transaction.
The seller Jacob Fulop purchased seven properties in seven transactions for a total of $45.7 million and sold seven properties in seven transactions for a total of $22.1 million over the same time period.

The property

The 1502-1504 46th Street parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,017 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 $925,000.The most recent loan totaled $10 million and was provided by Bank of Princeton on November 24, 2021.

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 two DOB violations in the last year.

Development

On the lot, there is one active new building construction project for a eight-unit, 18,604 square-foot R-2 building. The project was developed by Isaac Stern with plans filed March 29, 2017 and permitted September 8, 2020.

The neighborhood

In Borough Park, the bulk, or 24 percent of the 23.1 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 near average sales volume among other neighborhoods with $315.5 million in sales volume in the last two years and is the 24th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 18th highest in Brooklyn. It had 998,739 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 this tax block, PincusCo has identified the owners of one of the 12 commercial properties representing zero square feet of the 121,833 square feet. The identified owner is Jacob Fulop.
On the tax block, there was one new building construction project filed totaling 18,604 square feet. It is a eight-unit, 18,604-square-foot R-2 building developed by Isaac Stern with plans filed March 29, 2017 and permitted July 23, 2020.

The majority, or 56 percent of the 115,870 square feet of built space are elevator buildings, with specialty buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Jacob Fulop owned at least 20 commercial properties in New York City with 178,672 square feet and a city-determined market value of $30.2 million. (Market value is typically about 50% of actual value.) The portfolio has $95.3 million in debt, with top three lenders as Bank of Princeton, Bank Leumi, and Republic Bank respectively. Within the portfolio, the bulk, or 46 percent of the 178,672 square feet of built space are walkup properties, with industrial properties next occupying 29 percent of the space. The bulk, or 85 percent of the built space, is in Brooklyn, with Manhattan next at 15 percent of the space.

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