Mehrdad Lavian pays $2.7M for 8-unit walkup in Bedford Stuyvesant

Mehrdad Lavian through the entity Throop Ave Bricks Bh LLC paid $2.7 million for the foreclosed property formerly owned by Michael Israel and Amrom Israel, which is an eight-unit residential walkup building (C7) at 417 Throop Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on March 27, 2023 and was recorded on April 26, 2023. The property has 5,750 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $476 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 sellers bought the property on May 11, 2015, for $1.9 million. The signatory for Michael Israel and Amrom Israel was Gregory M. LaSpina. The signatory for Mehrdad Lavian was Mehrdad Lavian. This was through a foreclosure auction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mehrdad Lavian had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Israel had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Michael Israel, head officer. The business entity is Throop Ventures Llc.

The property

The residential walkup building with 8 residential units in Bedford Stuyvesant has 5,750 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $595,000.

Violations and lawsuits

The property was involved in zero lawsuits and two bankruptcies over the past two years. The highest value bankruptcy was filed on April 27, 2022, by Michael Israel citing assets of $2.8 million. In addition, according to city public data, the property has received four housing violations and $105 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 this tax block, PincusCo has identified the owners of eight of the 17 commercial properties representing 38,195 square feet of the 66,903 square feet. The largest owner is Neighborhood Restore, followed by Michael Israel and then Jaswinder Ghotra.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 66,903 square feet of built space are walkup buildings, with mixed-use buildings next occupying 38 percent of the space.

The seller

The PincusCo database currently indicates that Michael Israel owned at least four commercial properties with 29 residential units in New York City with 22,902 square feet. Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.
The PincusCo database currently indicates that Amrom Israel owned at least one commercial property with five residential units in New York City with 3,923 square feet. The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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