Nasir Al Jahmi pays $7.2M for 38-unit walkup in Flatbush through foreclosure

Nasir Al Jahmi through the entity 785 Bruke Ave Realty, LLC paid $7.2 million for the 38-unit residential walkup building (C7) at 2017 Church Avenue in Flatbush, Brooklyn which was formerly owned by BJ Organization of New York. The property was sold through a foreclosure auction.
The deal closed on October 23, 2023 and was recorded on October 31, 2023. The property has 32,672 square feet of built space and 6,809 square feet of additional air rights for a total buildable of 39,476 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $221 and the price per buildable square foot is $183 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 the court was Stephen Spinelli. The signatory for Nasir Al Jahmi was Nasir Al Jahmi. The contract date was July 13, 2023. This is a foreclosure sale through index number 518125/2019 filed in Brooklyn. Stephen Spinelli is an attorney and signed as referee. The former owner was BJ Organization of New York which included Ahmed N. Mohamed as an authorized signatory. The former owners were mired in internal litigation.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nasir Al Jahmi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller BJ Organization of New York 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 Eric Nelson, head officer and Enis Cecunjanin, site manager. The business entities are Nyc Management Llc and Eric Nelson As Receiver.

The property

The residential walkup building with 38 residential units in Flatbush has 32,672 square feet of built space and 6,809 square feet of additional air rights for a total buildable of 39,476 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 131 feet deep with a total lot size of 9,869 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 $3.5 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 five DOB violations, $10,000 in ECB penalties, 405 housing violations, $19,670 in OATH penalties, and six housing litigations 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 nine of the 11 commercial properties representing 553,422 square feet of the 619,694 square feet. The largest owner is United American Land, followed by Susan Silberman and then Shamah Properties.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 619,694 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

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