Meir Bukchin pays $4.7M to David Kowlessar for walkup building in Crown Heights

Meir Bukchin through the entity Uth 755 LLC paid $4.7 million to David Kowlessar through the entity Desmar Corporation for the eight-unit residential walkup building at 755 Eastern Parkway in Crown Heights, Brooklyn.
The deal closed on December 30, 2021 and was recorded on January 14, 2022.
The property has 11,500 square feet of built space and 192 square feet of additional air rights for a total buildable of 11,673 square feet according to PincusCo analysis of city data. The sale price per built square foot is $408 and the price per buildable square foot is $402 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 David Kowlessar was David Kowlessar. The signatory for Meir Bukchin was Meir Bukchin.
Prior to this transaction, the buyer Meir Bukchin had not purchased any other properties and had not sold any properties over the past 24 months.
The seller David Kowlessar had not purchased any other properties and had not sold any properties over the same time period.
The 11,500-square-foot property generated revenue of $172,500 or $15 per square foot, according to the most recent income and expense figures.

In Crown Heights, the majority, or 27 percent of the 66.4 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 27 percent of the space. In sales, Crown Heights has 1.2 times the average sales volume in the city with $336.3 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Crown Heights has 1.7 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.6 million square feet of commercial and multifamily construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were seven pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 34 percent of the 373,941 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 29 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Desmond Kowlessar, head officer and Rawle Allen, officer. The business entity was Desmar Corp.

Within a 400-foot radius of 755 Eastern Parkway, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on December 8, 2020 for the $1.6 million renovation of 11,216-square-foot R-1 building with 46 residential units at 749 Eastern Parkway.
One of those two items was a loan which Sam Malamud borrowed $5.8 million from First National Bank Of Long Island secured by the 29,388-square-foot, 15-unit rental (C7) on 781 Eastern Parkway on June 1, 2021.

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