Oholei Torah pays $9.6M to Hebrew Academy for Special Children in East Flatbush

Educational Institute Oholei Torah of Brooklyn through the entity Eiot Remsen LLC paid $9.6 million to Hebrew Academy for Special Children for the corner specialty building at 555 Remsen Avenue in East Flatbush, Brooklyn.
The deal closed on March 8, 2022 and was recorded on March 31, 2022. The property has 28,220 square feet of built space and 5,780 square feet of additional air rights for a total buildable of 34,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $340 and the price per buildable square foot is $282 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 Hebrew Academy for Special Children was Bernard Kohn. The signatory for Educational Institute Oholei Torah of Brooklyn was Shmuel Brook.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Educational Institute Oholei Torah of Brooklyn had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hebrew Academy for Special Children had not purchased any other properties and had not sold any properties over the same time period.

The property

The 555 Remsen Avenue parcel has frontage of 240 feet and is 200 feet deep with a total lot size of 34,000 square feet. The lot is irregular. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $2.7 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant violations 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 East Flatbush, the bulk, or 42 percent of the 78.9 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $177.2 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

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

The majority, or 45 percent of the 83,841 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 34 percent of the space.

Surrounding

Within a 400-foot radius of 555 Remsen Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Verv Capital borrowed $5 million from Metropolitan Commercial Bank secured by the 20,568-square-foot, one-unit industrial (W3) on 9102 Church Avenue and one other property on March 30, 2022.

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