Partners Path pays $3.2M for 6-unit mixed-use in Bushwick

Partners Path through the entity 854 Bushwick Owner LLC paid $3.2 million to Elliot Horowitz through the entity 854 Bushwick Vf LLC for six-unit mixed-use building (S5) at 854 Bushwick Avenue in Bushwick, Brooklyn.
The deal closed on June 29, 2022 and was recorded on August 16, 2022. The property has 7,040 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $461 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 March 21, 2013, for $950,000. The signatory for Elliot Horowitz was Daniel Cohen. The signatory for Partners Path was Michael Kalt.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Partners Path purchased one property in one transaction for a total of $2.8 million and has no record it sold any properties over the past 24 months.
The seller Elliot Horowitz had not purchased any other properties and sold four properties in two transactions for a total of $6.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mordechai Koslowitz, head officer and Yehudah Grun, officer. The business entity is 854 Bushwick Vf Llc. The 7,040-square-foot property generated revenue of $135,942 or $19 per square foot, according to the most recent income and expense figures.

The property

The 854 Bushwick Avenue parcel has frontage of 22 feet and is 95 feet deep with a total lot size of 1,986 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received eight housing violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 31, 2015. 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 Bushwick, the bulk, or 44 percent of the 33.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2.9 times the average sales volume among other neighborhoods with $972.8 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.8 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Brooklyn. It had 2 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 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 six of the 19 commercial properties representing 31,566 square feet of the 103,701 square feet. The largest owner is Watermark Capital Group, followed by Anuradha Kumar and then Moses Singer.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 103,701 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 Elliot Horowitz owned at least one commercial property in New York City with 37,313 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Partners Path owned at least four commercial properties in New York City with 19,432 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 81 percent of the 19,432 square feet of built space are walkup properties, with mixed-use properties next occupying 19 percent of the space. They are all located in Brooklyn.

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