Mosheref Hussain pays $7.9M to Jacob Hager for residential walkup building in Kensington

Mosheref Hussain through the entity Moon 701 Avenue C LLC paid $7.9 million to Jacob Hager through the entity 701 Equities LLC for 46-unit residential walkup building at 701 Avenue C in Kensington, Brooklyn.
The deal closed on January 13, 2022 and was recorded on February 15, 2022.
The property has 42,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $188 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 June 28, 2010, for $4.7 million.
The signatory for Jacob Hager was Jacob Hager. The signatory for Mosheref Hussain was Mosheref Hussain.
Prior to this transaction, the buyer Mosheref Hussain purchased two properties in two transactions for a total of $5.1 million and had not sold any properties over the past 24 months.
The seller Jacob Hager had not purchased any other properties and sold one properties in one transactions for a total of $14.8 million over the same time period.
The 42,000-square-foot property generated revenue of $622,347 or $15 per square foot, according to the most recent income and expense figures.

In Kensington, the bulk, or 38 percent of the 21.1 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 32 percent of the space. In sales, Kensington has the 40th highest sale turnover among other neighborhoods in Brooklyn with $31.3 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 600,160 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.
On the tax block, the majority, or 64 percent of the 225,618 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 36 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Jacob Hager, head officer and Naftali Hager, officer. The business entity is 701 Equities Llc.
Within a 400-foot radius of 701 Avenue C, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $103.8 million. The most recent of the two was Palm Gardens Nursing & Rehabilitation which borrowed $42.8 million from Sterling National Bank secured by the 89,000-square-foot, one-unit industrial (I6) on 615 Avenue C on August 12, 2021.

Direct link to Acris document. link