Michael Barrett pays $9.9M for retail in Flatlands

Michael Barrett through the entity 2307 Flatbush Ave Realty, LLC paid $9.9 million to Gittel Bausk through the entity 2307 Flatbush Ave, LLC for retail building at 2307 Flatbush Avenue in Flatlands, Brooklyn.
The deal closed on March 29, 2022 and was recorded on April 14, 2022.The property has 11,229 square feet of built space and 3,526 square feet of additional air rights for a total buildable of 14,695 square feet according to PincusCo analysis of city data. The sale price per built square foot is $881 and the price per buildable square foot is $673 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 December 15, 2010, for $7 million. The signatory for Gittel Bausk was Gittel Bausk. The signatory for Michael Barrett was Michael Barrett.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Michael Barrett purchased one properties in one transactions for a total of $9.5 million and has no record it sold any properties over the past 24 months.
The seller Gittel Bausk had not purchased any other properties and had not sold any properties over the same time period. The 11,229-square-foot property generated revenue of $431,060 or $38 per square foot, according to the most recent income and expense figures.

The property

The 2307 Flatbush Avenue parcel has frontage of 262 feet and is 56 feet deep with a total lot size of 14,695 square feet. The lot is irregular. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $3.4 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received one DOB violation and $1,100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 29, 2021. 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 Flatlands, the majority, or 65 percent of the 24.6 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 18 percent of the space. In sales, Flatlands has the 38th highest sale turnover among other neighborhoods in Brooklyn with $32.7 million in sales volume in the last two years. For development, Flatlands has had very little major development activity relative to other neighborhoods.It had 299,830 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

all properties are retail.

The buyer

The PincusCo database currently indicates that Michael Barrett owned at least one commercial property with 2,560 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from TD Bank. The portfolio consists of at least a single mixed-use property. It is located in Queens.

Surrounding

PincusCo has not identified any commerial real estate items of interest within a 400-foot radius of 2307 Flatbush Avenue that occurred over the past 24 months.

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