Parlanti Group pays $8.2M to Jacob Hager for residential elevator in Flatbush

Parlanti Group through the entity 1245 Ocean LLC paid $8.2 million to Jacob Hager through Lnj Mazel Realty LLC for the midblock 48-unit residential elevator building at 1245 Ocean Avenue in Flatbush, Brooklyn.
The deal closed on March 8, 2022 and was recorded on March 18, 2022. The property has 55,800 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $146 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.)

Jacob Hager has a stake in a portfolio with at least 43 buildings with a total of 1.16 million square feet and 1,290 residential units, according to PincusCo data. The buildings are exclusively in Brooklyn with concentrations in Crown Heights, Williamsburg and Flatbush, among other neighborhoods.

The Parlanti Group owns 14 buildings with 652,273 square feet and 705 residential units, according to data from PincusCo Media. The majority, or 10 of the 14, are elevator buildings while the rest are walkups. All the buildings are in Brooklyn, in neighborhoods such as Sheepshead Bay, Flatbush and Dyker Heights.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development included Jacob Hager, head officer and Naftali Hager, officer. The business entity was Lnj Mazel Realty Llc.

The property

The 1245 Ocean Avenue parcel has frontage of 100 feet and is 110 feet deep with a total lot size of 11,000 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 $1.7 million. The property has a city-determined energy rating of 76 out of 100.

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 received $625 in ECB penalties, 13 housing violations, and $625 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 Flatbush, the bulk, or 47 percent of the 51.8 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 17 percent of the space. In sales, Flatbush has had very little sales volume relative to other neighborhoods with $208.8 million in sales volume in the last two years. For development, Flatbush has near average amount of major developments among other neighborhoods and is the 20th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 97,800 square feet of the 324,344 square feet. The two identified owners are Malek Management and Damian Charles. There is one active new building construction project totaling 17,590 square feet. It is a 22-unit, 17,590-square-foot R-2 building developed by Hakan Kiran with plans filed August 8, 2018 and it has not been permitted yet.

The majority, or 55 percent of the 356,590 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 33 percent of the space.

Surrounding

Within a 400-foot radius of 1245 Ocean Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Abraham Betesh borrowed $5.1 million from Esquire Bank, National Association secured by the 25,872-square-foot, 26-unit rental (D3) on 1256 Ocean Avenue on January 24, 2022.

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