Jacob Rubin pays $3M to Hirshmark Capital for residential walkup in Bed Stuy

80 Monroe Street (Credit - Google)
Jacob Rubin through the entity 80 Monroe LLC paid $3 million to Hirshmark Capital through the entity 80 Monroe Funding LLC for nine-unit residential walkup building (C4) at 80 Monroe Street in Bed Stuy, Brooklyn.
The deal closed on June 14, 2022 and was recorded on June 30, 2022.The property has 10,800 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $277 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 Hirshmark Capital was Mark Levin. The signatory for Jacob Rubin was Jacob Rubin. Mark Levin is the founder of Hirshmark Capital. Jacob Rubin is an associate with Rialto Capital.
The property
The 80 Monroe Street parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million.
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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 $300 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 $5 million on this tax lot.
The neighborhood
In Bed Stuy, the bulk, or 38 percent of the 92.5 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Bed Stuy has 1.5 times the average sales volume among other neighborhoods with $417.3 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Bed Stuy is the 8th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were nine pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of two of the 11 commercial properties representing 16,159 square feet of the 49,580 square feet. The two identified owners are Omni New York and Eleizer Schwimer. There are no active new building construction projects on this tax block.
The majority, or 58 percent of the 159,161 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 22 percent of the space.
The seller
The PincusCo database currently indicates that Hirshmark Capital owned at least three commercial properties with 15,299 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.
Surrounding
Within a 400-foot radius of 80 Monroe Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit issued on November 6, 2020 for the $1.9 million renovation of 4,521-square-foot R-2 building with eight residential units at 437 Franklin Avenue.
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