Sholom Goldstein pays $5M to Abraham Sofer for elevator building in East Flatbush

Sholom Goldstein through the entity 474 East Nya LLC paid $5 million to Abraham Sofer through the entity 474 E New York Avenue LLC for midblock 10-unit residential elevator building at 474 East New York Avenue in East Flatbush, Brooklyn.
The deal closed on February 28, 2022 and was recorded on March 15, 2022. The property has 7,633 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $655 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 July 1, 2014, for $640,000. The signatory for Abraham Sofer was Abraham Sofer. The signatory for Sholom Goldstein was Sholom Goldstein.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Sholom Goldstein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Abraham Sofer had not purchased any other properties and had not sold any properties over the same time period.

The property

The 474 East New York Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $1.2 million.The most recent loan totaled 0.0 and was provided by NRP Mortgage Trust I on April 29, 2021.

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 $1,900 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 10-unit, 7,633-square-foot J-2 building. The project was developed by Joe Schwartz with plans filed December 13, 2007 and permitted June 26, 2015.

The neighborhood

In East Flatbush, the bulk, or 42 percent of the 78.9 million square feet of 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 was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 16 commercial properties representing 17,223 square feet of the 97,153 square feet. The largest owner is Fraidy Sofer, followed by Akiva Emergi and then Oren Neria. There are two active new building construction projects totaling 16,412 square feet. The largest is a 10-unit, 8,779-square-foot R-2 building developed by Dan Mizrachi with plans filed October 26, 2018 and permitted January 22, 2020. The second largest is a 10-unit, 7,633-square-foot J-2 building developed by Joe Schwartz with plans filed December 13, 2007 and permitted June 26, 2015.

the majority, or 36 percent of the 146,145 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 31 percent of the space.

Surrounding

Within a 400-foot radius of 474 East New York Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on December 13, 2021 for a 58,893-square-foot R-2 building with 56 residential units at 408 Lefferts Avenue.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on July 31, 2020 for the $629,780 renovation of 5,593-square-foot R-2 building with eight residential units at 460 East New York Avenue.
One of those three items was a loan which Oren Neria borrowed $5.4 million from Signature Bank secured by the 3,000-square-foot, six-unit mixed-use building (K4) on 452 East New York Avenue and four other properties on March 16, 2021.

Direct link to Acris document. link