Mohamad Jabakhanji pays $1.6M for mixed-use in Bushwick

Mohamad Jabakhanji through the entity 178weirfield LLC paid $1.6 million to the estate of the late Myrtle Clarke for the two-unit mixed-use building (S2) at 178 Weirfield Street in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on October 15, 2024 and was recorded on November 1, 2024. The property has 4,400 square feet of built space and 460 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $363 and the price per buildable square foot is $329 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 Myrtle Clarke was Antonio Walcott. The signatory for Mohamad Jabakhanji was Mohamad T. Jabakhanji. The contract date was June 28, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mohamad T. Jabakhanji had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Myrtle Clarke had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Bushwick has 4,400 square feet of built space and 460 square feet of additional air rights for a total buildable of 4,860 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 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 $1.4 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 $50 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 neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2 times the average sales volume among other neighborhoods with $499.3 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 661,357 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 7,703 square feet of the 20,183 square feet. The two identified owners are Yosef Hakoun and Abraham Friedrich.
There are no active new building construction projects on this tax block.

All properties are mixed-use.

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