Ralph Sitt sells resi dev site in Gravesend for $7.1M

The entity Amj Realty Limited Partnership, which is an affiliate of members of the Adjmi family, paid $7.1 million to Ralph Sitt of Status Capital through for the residential development site (V0) at 2020 East 2nd Street in Gravesend, Brooklyn. This is in a residential neighborhood.
The deal closed on January 31, 2023 and was recorded on February 13, 2023.
Ralph Sitt as an individual bought the property on January 4, 2016, for $5 million. This is not a commercial endeavor of his company Status Capital. The signatory for Ralph Sitt was Ralph Sitt. The signatory for the buyer was Marcus Adjmi, and was in care of the company ACHS Management, which is owned by the Adjmi family.

The property

The 2020 East 2nd Street parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R4 which allows for up to 0.75 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 since September of 2020. 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 Gravesend, the bulk, or 39 percent of the 18.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has near average sales volume among other neighborhoods with $340 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, Gravesend has 1.3 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 23 commercial properties representing 23,029 square feet of the 181,946 square feet. The two identified owners are Sami Flaster and Jackson Group.
On the tax block, there were 12 new building construction projects totaling 70,814 square feet. The largest is a 10-unit, 19,231-square-foot R-2 building developed by Michael Armouth with plans filed December 16, 2016 and it has not been permitted yet.The second largest is a one-unit, 6,600-square-foot R-3 building developed by Elana Sutton with plans filed January 5, 2016 and permitted December 27, 2016.

The majority, or 72 percent of the 181,946 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that the Adjmi family through the entity ACHS Management owned at least 71 commercial properties in New York City with 1,336,928 square feet and a city-determined market value of $420.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 67 percent of the 1,336,928 square feet of built space are retail properties, with mixed-use properties next occupying 23 percent of the space. The bulk, or 42 percent of the built space, is in Brooklyn, with Manhattan next at 24 percent of the space.

Correction: the lot is 50 feet wide, not 58 feet wide as originally reported.

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