Serabjit Singh Malhotra paid $14M to Brookland Capital

Serabjit Singh Malhotra through the entity 257 Washington Avenue LLC paid Brookland Capital’s Washington Bu LLC $13.5 million for 1 parcel, including the tax class church, synagogue, chapel (M1) at 257 Washington Avenue in Clinton Hill. The deal closed on July 31, 2019 and was recorded on September 03, 2019. The parcel(s) have total development potential of 34,690 square feet.
The average sale price per square foot is $422.
The estimated cap rate is 2.5%
The last time the property sold was August 17, 2015, for $8,800,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $5,250,000. Those filings sought to increase the number of residential units by 19 to 19 There was one renovation/alteration project (A2) applied for with a total estimated value of $30,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.