Robert Davoodzadeh pays $7.1M to Charatan’s BCB for 30-unit walkup in Williamsburg

Robert Davoodzadeh through the entity Brooklyn S Fourth LLC paid $7.1 million to Deborah Lee Charatan’s BCB Property Management through the entity BCB 380 South 4th Street LLC for the 30-unit residential walkup building (C7) at 380 S 4th St in Williamsburg, Brooklyn.
The deal closed on May 11, 2023 and was recorded on June 6, 2023. The property has 18,519 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $383 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 February 25, 2014, for $8.2 million. The signatory for BCB Property Management was Anthony J. Cornicello. The signatory for Robert Davoodzadeh was Robert Davoodzadeh. Deborah Lee Charatan leads BCB Property Management.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Robert Davoodzadeh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller BCB Property Management 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 Gregory Bucks, head officer and Igli Jaupi, agent. The business entities are Canvas Property Group and Bcb 380 South 4th Street Llc. The 18,519-square-foot property generated revenue of $636,063 or $34 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 30 residential units in Williamsburg has 18,519 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 91 feet deep with a total lot size of 4,550 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 $3.3 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 51 housing violations and $100 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 block

On this tax block, PincusCo has identified the owners of five of the 12 commercial properties representing 41,819 square feet of the 75,994 square feet. The largest owner is Treetop Development, followed by Novel Property Ventures and then Israel Wasser.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 75,994 square feet of built space are walkup buildings, with specialty buildings next occupying 23 percent of the space.

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