Menachem Rosenberg pays $2.7M for development site in Borough Park

Menachem Rosenberg through the entity Rosenberg, Menachem paid $2.7 million to Jacob C. Elbogen through the entity 1676 54th Street LLC for midblock development building at 1676 54th Street in Borough Park, Brooklyn.
The deal closed on March 28, 2022 and was recorded on April 21, 2022.

The property has zero square feet of built space and 5,290 square feet of additional air rights for a total buildable of 5,290 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $510 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 seller bought the property on April 16, 2021, for $1.6 million. The signatory for Jacob C. Elbogen was Jacob C. Elbogen. The signatory for Menachem Rosenberg was Menachem Rosenberg. The seller bought the property in April 2021 for $1.55 million.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Menachem Rosenberg had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jacob C. Elbogen had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1676 54th Street parcel has frontage of 42 feet and is 100 feet deep with a total lot size of 4,232 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $605,000.

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 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 $5 million on this tax lot.

The neighborhood

In Borough Park, the bulk, or 46 percent of the 48.6 million square feet of commercial built space are 1-4 family buildings, with specialty buildings next occupying 15 percent of the space. In sales, Borough Park has had very little sales volume relative to other neighborhoods with $140.2 million in sales volume in the last two years. For development, Borough Park has 1.3 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

There are three active new building construction projects totaling 50,442 square feet. The largest is a three-unit, 25,221-square-foot R-2 building developed by Dov Garfinkel with plans filed June 27, 2013 and it has not been permitted yet.The second largest is a 29-unit, 25,221-square-foot E building developed by Dov Garfinkel with plans filed March 25, 2014 and it has not been permitted yet.

The majority, or 62 percent of the 195,511 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 23 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 1676 54th Street that occurred over the past 24 months.

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