Nasrullah Khan pays $3.2M to AVGI for mixed-use in Flatbush
Nasrullah Khan through the entity 1407-1409 Foster Ave LLC paid $3.2 million to AVGI through the entity 1407 Foster, LLC for the mixed-use building (S1) at 1409 Foster Avenue in Flatbush, Brooklyn.
The deal closed on October 2, 2023 and was recorded on October 11, 2023. The property has 5,700 square feet of built space and 7,055 square feet of additional air rights for a total buildable of 12,750 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $561 and the price per buildable square foot is $250 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 November 10, 2021, for $2.4 million. The signatory for AVGI was Allon Avgi. The signatory for Nasrullah Khan was Nasrullah Khan. The contract date was July 20, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Nasrullah Khan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller AVGI purchased one property in one transaction for a total of $2.4 million and had not sold any properties over the same time period.
The property
The mixed-use building with one residential unit in Flatbush has 5,700 square feet of built space and 7,055 square feet of additional air rights for a total buildable of 12,750 square feet according to a PincusCo analysis of city data. The parcel has frontage of 43 feet and is 111 feet deep with a total lot size of 4,250 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 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 one DOB violation and $1,300 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 $1 million on this tax lot.
The neighborhood
In Flatbush, The majority, or 54 percent of the 37.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 22 percent of the space. In sales, Flatbush has near average sales volume among other neighborhoods with $386 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, Flatbush has 1.3 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.3 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 14 of the 26 commercial properties representing 122,932 square feet of the 165,042 square feet. The largest owner is Walter Wallace, followed by Ramesh Nath and then Pinnacle Group.
There are no active new building construction projects on this tax block.
The majority, or 65 percent of the 165,042 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.
The seller
The PincusCo database currently indicates that AVGI owned at least one commercial property with one residential unit in New York City with 5,700 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.
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