Moses Friedman pays $7.5M for newly built 10-unit building in East Flatbush

Moses Friedman through the entity Gn 514 Maple LLC paid $7.5 million to Jean Vanguens Michel and Pierre Bernard through the entity Vpmb Holdings Inc. for the 10-unit residential building (C1) at 514 Maple Street in East Flatbush, Brooklyn.
On the lot, there was a new building construction project for a 10-unit, 7,906 square-foot residential (R-2) building. The project was submitted by Moshe Gross with plans filed July 25, 2015 and permitted November 4, 2020. On the tax lot, the most recent condominium plan was filed by VPMB HOLDINGS, INC. to create 10 residential units in a building at 514 Maple Street in East Flatbush, Brooklyn, called 514 Maple Street Condominium that had a $7.1 million sellout, according to an January 18, 2022 submission to the New York State Attorney General. The principal of the sponsor, VPMB HOLDINGS, INC., was Pierre Bernard.

The deal closed on January 16, 2024 and was recorded on January 31, 2024. The property has 8,263 square feet of built space and 468 square feet of additional air rights for a total buildable of 8,748 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $907 and the price per buildable square foot is $857 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 January 24, 2020, for $1.1 million. The signatory for Jean Vanguens Michel and Pierre Bernard was Jean Vanguens Michel and Pierre Bernard. The signatory for Moses Friedman was Moses Friedman. The contract date was January 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Moses Friedman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jean Vanguens Michel had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential walkup building with 10 residential units in East Flatbush has 8,263 square feet of built space and 468 square feet of additional air rights for a total buildable of 8,748 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 90 feet deep with a total lot size of 3,600 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 $243,000.

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.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 17,314 square feet of the 41,264 square feet. The identified owner is Northeastern Conference Of Seventh-Day Adventists.
On the tax block, there was one new building construction project filed totaling 7,906 square feet. It is a 10-unit, 7,906 square-foot residential (R-2) building submitted by Moshe Gross with plans filed July 25, 2015 and permitted December 29, 2015.

The majority, or 42 percent of the 41,264 square feet of built space are specialty buildings, with mixed-use buildings next occupying 23 percent of the space.

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