Sam Rubin pays $3.8M to YHT Management for residential walkup in East Flatbush

Sam Rubin through the entity East 53 St Realty LLC paid $3.8 million to YHT Management through the entity East 53 Bsd LLC for the midblock 24-unit residential walkup building at 87 East 53rd Street in East Flatbush, Brooklyn.
The deal closed on February 23, 2022 and was recorded on March 30, 2022. The property has 19,312 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $196 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 October 7, 2014, for $200,000 in a court-related transfer. The signatory for YHT Management was Lipa Zicherman. The signatory for Sam Rubin was Sam Rubin.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sam Rubin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller YHT Management had not purchased any other properties and had not sold any properties over the same time period. The 19,312-square-foot property generated revenue of $347,134 or $18 per square foot, according to the most recent income and expense figures.

The property

The 87 E 53rd St parcel has frontage of 60 feet and is 108 feet deep with a total lot size of 6,539 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 $1.3 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received 36 housing violations and $200 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 East Flatbush, the bulk, or 42 percent of the 78.9 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, East Flatbush has had very little sales volume relative to other neighborhoods with $177.2 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 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. There were three 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 three commercial properties representing 83,268 square feet of the 102,580 square feet. The two identified owners are City of New York and Miller Management. There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 146,844 square feet of built space are specialty buildings, with 1-4 family buildings next occupying 30 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 87 E 53rd St that occurred over the past 24 months.

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