Raisner Group pays $1.99M for 6-unit walkup in Bushwick

Raisner Group through the entity 453 Irving Ave, LLC paid $1.99 million to Jose Figuereo through the entity 453 Irving Realty LLC for the six-unit residential walkup building (C2) at 453 Irving Avenue in Bushwick, Brooklyn.
The deal closed on March 14, 2024 and was recorded on March 29, 2024. The property has 4,285 square feet of built space and 323 square feet of additional air rights for a total buildable of 4,617 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $463 and the price per buildable square foot is $430 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 8, 2016, for $1.2 million. The signatory for Jose Figuereo was Jose Luie Figuereo. The signatory for Raisner Group was Remy N. Rufenach. The contract date was November 30, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Raisner Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jose Figuereo had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Harry Gomez, head officer. The business entity is 453 Irving Realty Llc.

The property

The residential walkup building with 6 residential units in Bushwick has 4,285 square feet of built space and 323 square feet of additional air rights for a total buildable of 4,617 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 95 feet deep with a total lot size of 1,900 square feet. 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 $855,000.

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 housing violation 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 block

On this tax block, PincusCo has identified the owners of six of the 19 commercial properties representing 34,552 square feet of the 78,233 square feet. The largest owner is Riseboro Community Partnership, followed by Jacob Zicherman and then Horizon Group.
On the tax block, there was one new building construction project filed totaling 6,578 square feet. It is a nine-unit, 6,578 square-foot residential (R-2) building submitted by David Marom with plans filed November 18, 2020 and permitted April 14, 2021.

The majority, or 66 percent of the 78,233 square feet of built space are walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

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