Mineral land broker pays $2.5M to Joseph Yaakovzadeh for 2-family in Prospect Lefferts Gardens

A Louisiana mineral and oil land broker, Laura M. FitzGerald, through the entity Brooklyn Ilios LLC paid $2.5 million to Joseph Yaakovzadeh through the entity Lefferts Bricks LLC for the two-family building (B1) at 269 Lefferts Avenue in Prospect Lefferts Gardens, Brooklyn.
The deal closed on April 18, 2023 and was recorded on April 26, 2023. The property has 2,108 square feet of built space and 4,780 square feet of additional air rights for a total buildable of 6,880 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,209 and the price per buildable square foot is $370 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 8, 2018, for $825,000. The signatory for Joseph Yaakovzadeh was Matthew Matatof. The signatory for Laura M. FitzGerald was Laura M. FitzGerald. Laura Fitzgerald is President at Ilios Resources, which advises on mineral and oil property sales.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Laura M. FitzGerald had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Yaakovzadeh had not purchased any other properties and sold four properties in four transactions for a total of $11 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Yaakovzadeh, head officer and Rabi Yaghoubzadeh, officer. The business entity is Lefferts Bricks Llc.

The property

The 1-4 family building with 2 residential units in Prospect Lefferts Gardens has 2,108 square feet of built space and 4,780 square feet of additional air rights for a total buildable of 6,880 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Prospect Lefferts Gardens Historic District. The city-designated market value for the property in 2022 is $1.2 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 received $130 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 four of the 17 commercial properties representing 25,575 square feet of the 69,104 square feet. The largest owner is S.W. Management, followed by Jack Zimmer and then Ina Pond.
There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 69,104 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Joseph Yaakovzadeh owned at least 22 commercial properties with 107 residential units in New York City with 98,998 square feet. Within the portfolio, the bulk, or 51 percent of the 98,998 square feet of built space are mixed-use properties, with walkup properties next occupying 46 percent of the space. The bulk, or 91 percent of the built space, is in Brooklyn, with Bronx next at 9 percent of the space.

Direct link to Acris document. link