Samuel Palace pays $4.3M to Jacob Hager for 38-unit walkup in East Flatbush

Samuel Palace through the entity 3213 Snyder Realty Group LLC paid $4.3 million to Jacob Hager through the entity 3213 Snyder Realty Corp. for the 38-unit residential walkup building (C1) at 3213 Snyder Avenue in East Flatbush, Brooklyn.
The deal closed on November 20, 2023 and was recorded on November 22, 2023. The property has 31,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $135 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 Jacob Hager was Jacob Hager. The signatory for Samuel Palace was Samuel Palace. The contract date was July 18, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Samuel Palace purchased two properties in one transaction for a total of $4.9 million and has no record it sold any properties over the past 24 months.
The seller Jacob Hager had not purchased any other properties and sold three properties in three transactions for a total of $30.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Naftali Hager, head officer and Jacob Hager, officer. The business entity is 3213 Snyder Realty Corp.

The property

The residential walkup building with 38 residential units in East Flatbush has 31,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 102 feet and is 100 feet deep with a total lot size of 10,250 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 $1.8 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 one DOB violation, 11 housing violations, and $50 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 four of the 18 commercial properties representing 59,001 square feet of the 123,407 square feet. The largest owner is Shia Unsdorfer, followed by Juda Rosenfeld and then Janet Lawrence.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 123,407 square feet of built space are walkup buildings, with mixed-use buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Jacob Hager owned at least 43 commercial properties with 1,298 residential units in New York City with 1,169,591 square feet and a city-determined market value of $104.4 million. (Market value is typically about 50% of actual value.) The portfolio has $37.1 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Capital One respectively. Within the portfolio, the bulk, or 62 percent of the 1,169,591 square feet of built space are walkup properties, with elevator properties next occupying 38 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Samuel Palace owned at least two commercial properties with 18 residential units in New York City with 18,238 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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