Nafees Bukhari pays $1.7M for mixed-use in Cypress Hills

Nafees Bukhari through the entity 3342 Fulton St Realty LLC paid $1.7 million to Je Hak Sin for the two-unit mixed-use building (S9) at 3342 Fulton Street in Cypress Hills, Brooklyn.
The deal closed on February 17, 2023 and was recorded on February 23, 2023. The property has 3,673 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $462 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 Je Hak Sin was Je Hak Sin. The signatory for Nafees Bukhari was Nafees Bukhari.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Nafees Bukhari had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Je Hak Sin had not purchased any other properties and had not sold any properties over the same time period. The 3,673-square-foot property generated revenue of $70,926 or $19 per square foot, according to the most recent income and expense figures.

The property

The 3342 Fulton Street parcel has frontage of 19 feet and is 90 feet deep with a total lot size of 1,718 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $602,000.

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 one housing violation and $1,350 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 Cypress Hills, the bulk, or 24 percent of the 8.5 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 22 percent of the space. In sales, Cypress Hills has had very little sales volume relative to other neighborhoods with $96.3 million in sales volume in the last two years. For development, Cypress Hills has near average amount of major developments among other neighborhoods and is the 18th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 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

There are no active new building construction projects on this tax block.

All properties are mixed-use.

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