Mordechai Piller pays $14.2M to Orbach Group for 5 walkups in Gravesend with 51 units

Mordechai G. Piller through the entity Avenue W Holdings LLC paid $14.2 million to Orbach Group through the entity Lighthouse Brooklyn LLC for five properties with 51 units including the 12-unit residential walkup building (C1) at 2314 West 12th Street, 12-unit residential walkup building (C1) at 2302 West 12th Street, and nine-unit residential walkup building (C9) at 2315 West 13th Street, all in Gravesend, Brooklyn.
The deal closed on July 29, 2022 and was recorded on August 11, 2022. The five properties have 57,432 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $248 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 Orbach Group was Meyer Orbach.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2315 West 13th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mordechai Piller had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Orbach Group had not purchased any other properties and sold 55 properties in 42 transactions for a total of $298.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jose Velazquez, head officer and Sherilyn Cruz, officer. The business entity is Lighthouse Brooklyn. Out of the five properties, two with a total of 57,432 square feet of built space generated revenue of $546,391 per year.

The property

The 2315 West 13th Street parcel has frontage of 73 feet and is 100 feet deep with a total lot size of 7,325 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 80 housing violations and $200 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 $5 million on this tax lot.

The block

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

The majority, or 100 percent of the 41,146 square feet of built space are walkup buildings.

The buyer

The PincusCo database currently indicates that Mordechai G. Piller owned at least 28 commercial properties in New York City with 625,462 square feet and a city-determined market value of $62.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 64 percent of the 625,462 square feet of built space are walkup properties, with elevator properties next occupying 36 percent of the space. They are all located in Brooklyn.

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