Ranjana Chada pays $2.8M for hotel in Bushwick

Ranjana Chada through the entity Broadway 1460 LLC paid $2.8 million to Dov Fried and Chaya Fried through the entity Vilinuis Inc. for the hotel building (H4) at 1461 Broadway in Bushwick, Brooklyn.
The deal closed on January 16, 2024 and was recorded on January 23, 2024. The property has 7,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $373 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 Dov Fried and Chaya Fried was Esther Aderet. The signatory for Ranjana Chada was Ranjana Chada. The contract date was October 1, 2023. Ranjana Chada is the CEO, according to corporation records. Manny Chada, who owns several buildings in New York City, and Ranjana, share a Westchester address for their companies.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ranjana Chada had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dov Fried 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 Dov Fried, head officer and Chaya Fried, officer. The business entity is Vilinuis Inc.

The property

The hotel building in Bushwick has 7,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 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 $655,000.

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 DOB violation and $50 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 neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2.1 times the average sales volume among other neighborhoods with $636.6 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Bushwick has 1.2 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 40,214 square feet of built space are walkup buildings, with retail buildings next occupying 40 percent of the space.

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