Raquel Wasserman pays $4.2M for development in Flatbush

Raquel Wasserman through the entity 608 Ocean LLC paid $4.2 million to Judah Klausner through the entity 608 Ocean Avenue LLC for the development building (V0) at 608 Ocean Avenue in Flatbush, Brooklyn.
The deal closed on December 19, 2022 and was recorded on January 4, 2023. The property has zero square feet of built space and 22,500 square feet of additional air rights for a total buildable of 22,500 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $188 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 15, 2015, for $3.4 million. The signatory for Judah Klausner was Judah Klausner. The signatory for Raquel Wasserman was Raquel Wasserman.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Raquel Wasserman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Judah Klausner had not purchased any other properties and had not sold any properties over the same time period.

The property

The 608 Ocean Avenue parcel has frontage of 37 feet and is 150 feet deep with a total lot size of 5,625 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 million.

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 received $500 in ECB penalties and $500 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a 31-unit, 21,643 square-foot R-2 building. The project was developed by Kfir Klausner with plans filed January 21, 2014 and it has not been permitted yet.

The neighborhood

In Flatbush, the majority, or 55 percent of the 37.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Flatbush has near average sales volume among other neighborhoods with $367 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Flatbush has 1.2 times the average amount of major developments relative to other neighborhoods and is the 15th 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 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 286,454 square feet of the 387,424 square feet. The largest owner is Talpion Fund Management, followed by RMC Equities and then Israel Weinberger.
On the tax block, there was one new building construction project filed totaling 21,643 square feet. It is a 31-unit, 21,643-square-foot R-2 building developed by Kfir Klausner with plans filed January 21, 2014 and permitted April 24, 2015.

The majority, or 99 percent of the 387,424 square feet of built space are elevator buildings, with office buildings next occupying 1 percent of the space.

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