Ralph Harpert, Harold Klein pay $7.4M for 49-unit walkup in Borough Park

Ralph Harpert and Harold Klein through the entity 1261 49 Holdings LLC paid $7.4 million to Janina Gonen and Betty Nusblat through the entity Beitscher, LLC for the 49-unit residential walkup building (C1) at 1261 49th Street in Borough Park, Brooklyn.
The deal closed on September 1, 2023 and was recorded on September 11, 2023. The property has 43,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $172 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 Janina Gonen and Betty Nusblat was Janina Gonen and Betty Nusblat. The signatory for Ralph Harpert and Harold Klein was Ralph Harpert and Harold Klein. The contract date was April 24, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ralph Harpert had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Janina Gonen 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 Betty Nusblat, head officer and Janina Gonen, officer. The business entity is Beitscher, Llc.

The property

The residential walkup building with 49 residential units in Borough Park has 43,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $2.5 million.

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 $1,250 in ECB penalties, eight housing violations, and $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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the 14 commercial properties representing 88,875 square feet of the 154,375 square feet. The largest owner is Paul Pollak, followed by Elimelech Klyman and then Betty Nusblat.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 154,375 square feet of built space are walkup buildings, with mixed-use buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Betty Nusblat owned at least one commercial property with 49 residential units in New York City with 43,000 square feet and a city-determined market value of $2.5 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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