Raphael Toledano sells 28-unit walkup in East Flatbush for $5.2M

The entity Martense Realty LLC paid $5.2 million to Raphael Toledano through the entity Adele Realty LLC for the 28-unit residential walkup building (C1) at 305 Martense Street in East Flatbush, Brooklyn.
The deal closed on April 24, 2024 and was recorded on May 6, 2024. The property has 21,840 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $236 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 Raphael Toledano was Raphael Toledano. The signatory for Martense Realty LLC was Marc A. Winston. The contract date was April 24, 2024. Marc Winston is a transaction attorney.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Raphael Toledano 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 Michael Adler, head officer and Marc Katz, agent. The business entity is 305 Martense Realty Llc.

The property

The residential walkup building with 28 residential units in East Flatbush has 21,840 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 120 feet deep with a total lot size of 7,199 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 $1.4 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 one DOB violation and 26 housing violations 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 12 of the 16 commercial properties representing 253,035 square feet of the 295,935 square feet. The largest owner is Solomon And Joseph Landau Entities, followed by Raphael Toledano and then Mordechai G. Piller.
On the tax block, there was one new building construction project filed totaling 6,709 square feet. It is a eight-unit, 6,709 square-foot residential (R-2) building submitted by Alex Halimi with plans filed July 21, 2015 and permitted May 4, 2016.

The majority, or 53 percent of the 295,935 square feet of built space are elevator buildings, with walkup buildings next occupying 47 percent of the space.

The seller

The PincusCo database currently indicates that Raphael Toledano owned at least one commercial property with 28 residential units in New York City with 21,840 square feet and a city-determined market value of $1.4 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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