Meir Laufer pays $2.1M for retail in Borough Park

Meir Laufer through the entity Corner 15 LLC paid $2.1 million to Sonnia Torres through the entity Hi-Rise Realty Corp for the retail building (K1) at 3601 15th Avenue in Borough Park, Brooklyn.
The deal closed on March 14, 2024 and was recorded on March 19, 2024. The property has 2,700 square feet of built space and 3,947 square feet of additional air rights for a total buildable of 6,660 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $765 and the price per buildable square foot is $310 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 Sonnia Torres was Sonnia Torres. The signatory for Meir Laufer was Meir Laufer. The contract date was October 16, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Meir Laufer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sonnia Torres had not purchased any other properties and sold three properties in two transactions for a total of $8.4 million over the same time period.

The property

The retail building in Borough Park has 2,700 square feet of built space and 3,947 square feet of additional air rights for a total buildable of 6,660 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 81 feet deep with a total lot size of 2,741 square feet. The lot is irregular. 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 $405,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations 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 neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 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 1.9 times the average sales volume among other neighborhoods with $547 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 957,960 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 two of the eight commercial properties representing 10,500 square feet of the 40,643 square feet. The identified owner is All Year Management.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 40,643 square feet of built space are walkup buildings, with retail buildings next occupying 7 percent of the space.

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