Neue Urban pays $5.4M to Judah Zelmanovitz for 12-unit walkup in Crown Heights
1467 Bedford Avenue (Credit - Google)
Neue Urban through the entity 1467 Bedford Street LLC paid $5.4 million to Judah Zelmanovitz through the entity 1467 Bedford Holdings LLC for the 12-unit residential walkup building (C7) at 1467 Bedford Avenue in Crown Heights, Brooklyn.
The deal closed on June 21, 2022 and was recorded on July 12, 2022. The property has 9,078 square feet of built space and 544 square feet of additional air rights for a total buildable of 9,615 square feet according to PincusCo analysis of city data. The sale price per built square foot is $594 and the price per buildable square foot is $561 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 June 1, 2015, for $2.6 million. The signatory for Judah Zelmanovitz was Judah Zelmanovitz. The signatory for Neue Urban was Zach Ehrlic. Zach Ehrlic is founder of Neue Urban, which according to its LinkedIn page was founded in 2020, and the business was registered in 2021. The company website shows 11 properties affiliated with Neue Urban, including this one, and several of the properties were last sold prior to 2020.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Neue Urban had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Judah Zelmanovitz 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 Judah Zelmanovitz, head officer and Abe Lipman, site manager. The business entity is 1467 Bedford Holdings Llc.
The property
The 1467 Bedford Avenue parcel has frontage of 35 feet and is 90 feet deep with a total lot size of 3,205 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 $1.1 million.
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Violations and lawsuits
The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $4.8 million commercial foreclosure concerning a loan filed on January 19, 2022, by Bethpage Federal Credit Union against Sam Wieder. In addition, according to city public data, the property has received $1,250 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 Crown Heights, the bulk, or 36 percent of the 50.5 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 35 percent of the space. In sales, Crown Heights has near average sales volume among other neighborhoods with $361.2 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Crown Heights has 2.9 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were six pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of 16 of the 24 commercial properties representing 117,557 square feet of the 149,881 square feet. The largest owner is Moses Neuman, followed by Hudson Companies and then Wendell H. Rogers. There are no active new building construction projects on this tax block.
The majority, or 55 percent of the 149,881 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 25 percent of the space.
The seller
The PincusCo database currently indicates that Judah Zelmanovitz owned at least one commercial property in New York City with 9,078 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
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