Mendel Steiner pays $5.3M for 34-unit walkup in Borough Park

Mendel Steiner through the entity 1801 50th Street Units LLC paid $5.3 million to Paula Claire Gold through the entity 1801 50th Street LLC for the 34-unit residential walkup building (C7) at 1801 50th Street in Borough Park, Brooklyn. The expected use is cash flowing.
The deal closed on September 5, 2024 and was recorded on September 11, 2024. The property has 31,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $171 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 Paula Claire Gold was Jeffrey Edelman. The signatory for Mendel Steiner was Mendel Steiner. The contract date was February 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mendel Steiner had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Paula Claire Gold had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Paula Gold, head officer and Daniel Knoll, agent. The business entity is 1801 50th Street.

The property

The residential walkup building with 34 residential units in Borough Park has 31,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 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 $2.7 million. The property has 34 rent regulated units according to city tax records from 2023.

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 received two housing violations and $300 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 one of the four commercial properties representing 3,480 square feet of the 41,480 square feet. The identified owner is Congregation Chemdas Yisroel.
On the tax block, there was one new building construction project filed totaling 4,869 square feet. It is a 4,869 square-foot 54 building submitted by George Karfunkel with plans filed January 26, 2023 and it has not been permitted yet.

The majority, or 75 percent of the 41,480 square feet of built space are walkup buildings, with mixed-use buildings next occupying 25 percent of the space.

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