Muqbel Shaibi pays $2.6M for mixed-use in Bushwick

Muqbel Shaibi through the entity 185 Starr LLC paid $2.6 million to Jorge Ruiz for the five-unit mixed-use building (S9) at 58 Irving Avenue in Bushwick, Brooklyn.
The deal closed on February 28, 2023 and was recorded on March 14, 2023. The property has 5,175 square feet of built space and 900 square feet of additional air rights for a total buildable of 6,075 square feet according to PincusCo analysis of city data. The sale price per built square foot is $502 and the price per buildable square foot is $427 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 Jorge Ruiz was Jorge Ruiz. The signatory for Muqbel Shaibi was Muqbel Shaibi.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Muqbel Shaibi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jorge Ruiz had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Jorge Ruiz, individual owner.

The property

The 58 Irving Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $848,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $300 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 neighborhood

In Bushwick, the bulk, or 44 percent of the 33.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 3.2 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.5 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 30 of the 47 commercial properties representing 186,023 square feet of the 274,951 square feet. The largest owner is Yoel Hershkowitch, followed by Joel Jacobowitz and then All Year Management.
There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 274,951 square feet of built space are walkup buildings, with mixed-use buildings next occupying 8 percent of the space.

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