Michael Rothstein pays $1.3M for 16-unit walkup in Flatbush

Michael Rothstein through the entity 2303 Clarendon Road Associates, LLC paid $1.3 million to Martin Kirzner through the entity Brooklyn Q & H LLC for the 16-unit residential walkup building (C1) at 2303 Clarendon Road in Flatbush, Brooklyn.
The deal closed on May 16, 2024 and was recorded on May 29, 2024. The property has 13,036 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $97 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 March 1, 2006, for $1.7 million. The signatory for Martin Kirzner was Martin Kirzner. The signatory for Michael Rothstein was Michael Rothstei. The contract date was April 15, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Michael Rothstein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Martin Kirzner 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 Martin Kirzner, head officer and Ben Schwadel, site manager. The business entity is Brooklyn Q & H Llc.

The property

The residential walkup building with 16 residential units in Flatbush has 13,036 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 80 feet deep with a total lot size of 3,920 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property has a J-51 exemption that started in 1992 and expires in 2026. The city-designated market value for the property in 2022 is $730,000.

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 received two housing violations and $625 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 six of the seven commercial properties representing 95,753 square feet of the 100,793 square feet. The largest owner is Sharp Management, followed by Samuel Landau and then Robert Seecoomer.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 100,793 square feet of built space are walkup buildings, with elevator buildings next occupying 20 percent of the space.

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