Sam Teitelbaum plans conversion with 8 units in Bushwick

Sam Teitelbaum plans to convert a two story commercial building with two residential units to a four-story, mixed-use building with eight units, at 1336 Dekalb Avenue in Bushwick, Brooklyn. The plan was filed with the New York City Department of Buildings on December 5, 2022 under job number B08049207. The project is described in the filing as: proposed vertical enlargement and interior renovation, proposing a total of eight units and commercial space.

The property

The existing mixed-use building with 2 residential units in Bushwick has 8,626 square feet of built space for a total buildable of 8,626 square feet according to a PincusCo analysis of city data. Acris shows the last sale was in 2000, with the company Glenn Reed Inc. as the buyer. The parcel has three buildings with frontage of 60 feet and is 49 feet deep with a total lot size of 3,550 square feet. The lot is irregular. 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

According to city public data, the property has received $250 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has near average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has near average amount of major developments among other neighborhoods and is the 12th highest in Brooklyn. It had 1.6 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.

The block

On this tax block, PincusCo has identified the owners of 18 of the 32 commercial properties representing 72,098 square feet of the 128,663 square feet. The largest owner is Minotaur Management, followed by Lipa Friedman and then Lisa Ficalora. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Glenn Reed Inc. owned at least one commercial property with two residential units in New York City with 8,626 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

The surrounding

Within a 400-foot radius of 1336 Dekalb Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on July 20, 2022 for a 26,121-square-foot residential (R-2) building with 29 residential units at 673 Hart Street. Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on September 23, 2021 for the $478,250 renovation of 5,483-square-foot residential (R-2) building with six residential units at 679 Hart Street. One of those six items was a sale which Arch Companies bought the 8,684-square-foot, 28-unit rental (D6) on 1357 Dekalb Avenue and two other properties for $12.5 million from Balthasar Capital Fund Management on September 27, 2022. Of those six items, two were loans above $5 million totaling $85.4 million. The most recent of the two was Carlyle Group in which borrowed $80 million from Invesco Real Estate secured by the 6,569-square-foot, two-unit two-family building (B2) on 677 Hart Street and 42 other properties on October 7, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.