Borough Park 3-family sells for $2.8M

The entity 1420 44 Street Associates LLC paid $2.8 million to the entity 1420 44th LLC for the three-unit building (C0) at 1420 44th Street in Borough Park, Brooklyn. The expected use is cash flowing.
The deal closed on April 1, 2025 and was recorded on April 21, 2025. The property has 3,600 square feet of built space and 2,734 square feet of additional air rights for a total buildable of 6,327 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $763 and the price per buildable square foot is $434 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 March 1, 2015, for $970,616. The contract date was February 15, 2025.

The property

The 1-4 family building with 3 residential units in Borough Park has 3,600 square feet of built space and 2,734 square feet of additional air rights for a total buildable of 6,327 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,604 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 $1.5 million. The most recent loan totaled 0.0 and was provided by Relmo 1420 44th Ny LLC on July 18, 2022.

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 not received any significant violations 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 the tax block, there was one new building construction project filed totaling 4,336 square feet. It is a four-unit, 4,336 square-foot residential (R-2) building submitted by Yacov Levine with plans filed June 27, 2016 and it has not been permitted yet.

The majority, or 55 percent of the 123,851 square feet of built space are specialty buildings, with mixed-use buildings next occupying 33 percent of the space.

UPDATED: For privacy reasons individual names were removed from this post.

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