Moses Guttman, Martin Joseph pay $2.6M for 3-family in Bedford Stuyvesant

Moses Guttman and Martin Joseph through the entity 983 Bedford Ave LLC paid $2.6 million to Julian Durham for the three-family building (C0) at 983 Bedford Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on May 30, 2023 and was recorded on June 5, 2023. The property has 3,510 square feet of built space and 3,687 square feet of additional air rights for a total buildable of 7,196 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $740 and the price per buildable square foot is $361 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 Julian Durham was Julian Durham. The signatory for Moses Guttman and Martin Joseph was Daniel Rabanipour.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Moses Guttman purchased one property in one transactions for a total of $1.9 million and sold four properties in four transactions for a total of $9.3 million over the past 24 months.
The seller Julian Durham had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ruthlyn Durham, joint owner and Julian Durham, joint owner.

The property

The 1-4 family building with 3 residential units in Bedford Stuyvesant has 3,510 square feet of built space and 3,687 square feet of additional air rights for a total buildable of 7,196 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,799 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 $1.8 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 block

On this tax block, PincusCo has identified the owners of 12 of the 20 commercial properties representing 268,397 square feet of the 281,472 square feet. The largest owner is St. Nicholas Neighborhood Preservation Corp., followed by Spencer Equity Group and then Sol Hirsch.
On the tax block, there were four new building construction projects totaling 760,950 square feet. The largest is a 226-unit, 199,111 square-foot residential (R-2) building submitted by Jack Gold and filed by Jack Gold with plans filed February 15, 2022 and permitted June 8, 2022. The second largest is a 226-unit, 199,111 square-foot residential (R-2) building submitted by Seventh Street Development Group and filed by Jack Gold with plans filed February 15, 2022 and permitted June 8, 2022.

The majority, or 50 percent of the 281,472 square feet of built space are walkup buildings, with elevator buildings next occupying 46 percent of the space.

The buyer

The PincusCo database currently indicates that Moses Guttman owned at least 17 commercial properties with 78 residential units in New York City with 67,430 square feet and a city-determined market value of $19.9 million. (Market value is typically about 50% of actual value.) The portfolio has $5.5 million in debt, borrowed from Piermont Bank. Within the portfolio, the bulk, or 50 percent of the 67,430 square feet of built space are walkup properties, with mixed-use properties next occupying 18 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Martin Joseph owned at least 10 commercial properties with 51 residential units in New York City with 40,554 square feet and a city-determined market value of $10.1 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Piermont Bank. Within the portfolio, the bulk, or 75 percent of the 40,554 square feet of built space are elevator properties, with walkup properties next occupying 16 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.

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