Mosdos Satmar pays $20M to Talmudica Mosdos Temima for building in Kensington
Mosdos Satmar BP through the entity Mosdos Satmar Bp, Inc. paid $20 million to Talmudica Mosdos Temima through the entity Talmudical Mosdos Temima Inc. for the 39-unit specialty building (W2) at 507 Ocean Parkway in Kensington, Brooklyn.
The deal closed on October 26, 2023 and was recorded on November 2, 2023. The property has 34,800 square feet of built space and 21,140 square feet of additional air rights for a total buildable of 56,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $574 and the price per buildable square foot is $357 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 12, 2020, for $3.2 million. The signatory for Talmudica Mosdos Temima was Baruch Marguiles. The signatory for Mosdos Satmar BP was Brian Lefkowitz. The contract date was February 10, 2023. BoroPark 24 reported on the contract in February 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Mosdos Satmar BP purchased three properties in one transaction for a total of $4.3 million and has no record it sold any properties over the past 24 months.
The seller Talmudica Mosdos Temima had not purchased any other properties and had not sold any properties over the same time period.
The property
The specialty building with 39 residential units in Kensington has 34,800 square feet of built space and 21,140 square feet of additional air rights for a total buildable of 56,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 140 feet deep with a total lot size of 14,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11.5 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 two DOB violations and $350 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on June 24, 2020. 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 Kensington, The bulk, or 44 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, Kensington has had very little sales volume relative to other neighborhoods with $103.1 million in sales volume in the last two years. For development, Kensington has had very little major development activity relative to other neighborhoods.It had 273,594 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 183,119 square feet of the 259,507 square feet. The largest owner is Solomon Schwimmer, followed by Parkview Management and then Oleksandr Nad.
On the tax block, there was one new building construction project filed totaling 20,821 square feet. It is a 31-unit, 20,821 square-foot residential (R-2) building submitted by Barry Schless with plans filed June 13, 2018 and it has not been permitted yet.
The majority, or 71 percent of the 259,507 square feet of built space are elevator buildings, with specialty buildings next occupying 28 percent of the space.
The buyer
The PincusCo database currently indicates that Mosdos Satmar Bp owned at least three commercial properties in New York City with 9,356 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 9,356 square feet of built space are industrial properties, with specialty properties next occupying 0 percent of the space. They are all located in Brooklyn.
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