Mendel Bar-Horin pays $2.6M for two mixed-use properties in Borough Park

Mendel Bar-Horin through the entity 4616-18 New Utrecht Ave LLC paid $2.6 million to Samuel Shlagbaum and Michael Fuchs through the entity 4618 New Utrecht Associates for the two, two-unit mixed-use buildings (S2) at 4616 and 4618 New Utrecht Avenue in Borough Park, Brooklyn. The expected use is cash flowing.
The deal closed on October 10, 2024 and was recorded on October 18, 2024. The two properties have 6,000 square feet of built space and 169 square feet of additional air rights for a total buildable of 6,043 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $438 and the price per buildable square foot is $435 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 Samuel Shlagbaum and Michael Fuchs was Samuel Shlagbaum and Michael Fuchs. The signatory for Mendel Bar-Horin was Mendel Bar-Horin. The contract date was March 8, 2024.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 4616 New Utrecht Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mendel Bar-Horin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Samuel Shlagbaum had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Borough Park has 6,000 square feet of built space and 169 square feet of additional air rights for a total buildable of 6,043 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 56 feet deep with a total lot size of 1,184 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 $1.3 million.

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 $1,650 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 neighborhood

In Borough Park, The bulk, or 25 percent of the 23.3 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 2.4 times the average sales volume among other neighborhoods with $615.4 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 4616 New Utrecht Avenue, PincusCo has identified the owners of two of the 16 commercial properties representing 11,200 square feet of the 116,479 square feet. The two identified owners are Eli Kaufman and Binyan Shel Chesed, Inc..
On the tax block, there was one new building construction project filed totaling 11,042 square feet. It is a four-unit, 11,042 square-foot residential (R-2) building submitted by Iszchak Schwartz with plans filed August 4, 2021 and it has not been permitted yet.

The majority, or 62 percent of the 116,479 square feet of built space are walkup buildings, with mixed-use buildings next occupying 38 percent of the space.

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