Mris Jajati pays $3.6M for foreclosed 16-unit rental in Flatbush

Mris Jajati through the entity Bh Kenilworth Brothers Levy LLC paid $3.6 million to the foreclosure referee for the 16-unit residential elevator building (D7) at 113 Kenilworth Place in Flatbush, Brooklyn. The prior owner was the entity 1520 Management Corp.
The deal closed on December 8, 2022 and was recorded on December 22, 2022.The property has 17,475 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $205 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 September 18, 2015, for $5.4 million. The signatory for the foreclosed entity 1520 Management Corp. was the referee Dominic J. Famulari. The signatory for Mris Jajati was Mris Jajati.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mris Jajati had purchased any other properties and has no record it sold any properties over the past 24 months.
The 17,475-square-foot property generated revenue of $402,974 or $23 per square foot, according to the most recent income and expense figures.

The property

The 113 Kenilworth Place parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 million. The most recent loan totaled 0.0 and was provided by Directed Capital on June 24, 2020.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $2.8 million commercial foreclosure concerning a loan filed on October 28, 2020, by Directed Capital against Ken Williams. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the 48 commercial properties representing 67,938 square feet of the 279,707 square feet. The largest owner is Ken Williams, followed by Andrew Lai As Trustee and then Alex Adjmi.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 274,272 square feet of built space are mixed-use buildings, with retail buildings next occupying 27 percent of the space.

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