Michael Weiner pays $2.6M for newly enlarged 3-family in Bushwick

Michael Weiner through the entity Iceberg Lounge LLC paid $2.6 million to Roman Mushayev through the entity Bmr Equities, Inc. for the three-unit building (C0) at 1137 Jefferson Avenue in Bushwick, Brooklyn.
The deal closed on March 14, 2024 and was recorded on March 19, 2024. The property has 3,375 square feet of built space and 1,180 square feet of additional air rights for a total buildable of 4,553 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $762 and the price per buildable square foot is $565 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 June 13, 2014, for $480,000. The signatory for Roman Mushayev was Roman Mushayev. The signatory for Michael Weiner was Michael Weiner. The contract date was November 2, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Michael Weiner had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Roman Mushayev had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 3 residential units in Bushwick has 3,375 square feet of built space and 1,180 square feet of additional air rights for a total buildable of 4,553 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,874 square feet. 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 property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 15, 2024. 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

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

All properties are mixed-use.

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