Martin Friedman pays $3.6M for 4-unit building in Borough Park

Martin Friedman through the entity Emes Residences LLC paid $3.6 million for the four-unit building (C3) at 1548 54th Street and an adjacent parcel in Borough Park, Brooklyn.
The deal closed on December 11, 2023 and was recorded on December 27, 2023. The two properties have 5,250 square feet of built space and 3,792 square feet of additional air rights for a total buildable of 9,042 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $695 and the price per buildable square foot is $403 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 Hyman Jacobs, Freeda Frankel, Malka Grosz, and Joel Grosz was Hyman Jacobs, Freeda Frankel, Malka Grosz, and Joel Grosz. The signatory for Martin Friedman was Martin Friedman. The contract date was July 18, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Martin Friedman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hyman Jacobs had not purchased any other properties and had not sold any properties over the same time period.

The property

The building with 4 residential units in Borough Park has 5,250 square feet of built space and 3,792 square feet of additional air rights for a total buildable of 9,042 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 120 feet deep with a total lot size of 3,000 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 $913,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $80 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 $1 million on this tax lot.

The block

On the tax block of 1548 54th Street, PincusCo has identified the owners of three of the 16 commercial properties representing 9,760 square feet of the 44,614 square feet. The largest owner is Tibor Gross, followed by Rivky Silberman and then Moshe Preizler/Trste.
On the tax block, there were two new building construction projects totaling 51,731 square feet. The largest is a 12-unit, 28,783 square-foot residential (R-2) building submitted by N Lichtenstein with plans filed October 30, 2023 and it has not been permitted yet. The second largest is a 10-unit, 22,948 square-foot residential (R-2) building submitted by Jacob Fulop and filed by Jacob Fulop with plans filed May 31, 2022 and it has not been permitted yet.

The majority, or 100 percent of the 44,614 square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Martin Friedman owned at least two commercial properties with 22 residential units in New York City with 15,540 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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