Shulem Schik pays $4M to Joel Braver for dev site in Borough Park

Shulem Schik through the entity 49-19 LLC paid $4 million to Joel Braver through the entity 19th Avenue Properties LLC for property at 4911 19th Avenue in Borough Park, Brooklyn.

On the lot, there is one active new building construction project for a 27,056 square-foot assembly (A-3) building. The project was developed by Shulem Schik with plans filed February 10, 2022 and it has not been permitted yet.
The deal closed on October 27, 2022 and was recorded on November 7, 2022. The property has zero square feet of built space according to PincusCo analysis of city data.
The signatory for Joel Braver was Joel Braver. The signatory for Shulem Schik was Shulem Schik.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shulem Schik had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joel Braver purchased three properties in one transaction for a total of $23.4 million and had not sold any properties over the same time period.

The property

The 4911 19th Avenue parcel is 3,301 square feet.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 328,291 square feet of the 480,200 square feet. The identified owner is Joel Braver.
On the tax block, there were two new building construction projects totaling 313,950 square feet. The largest is a 164-unit, 286,894-square-foot R-2 building developed by Berl Jacobowitz with plans filed June 4, 2009 and permitted April 7, 2014. The second largest is a 27,056-square-foot A-3 building developed by Shulem Schik with plans filed February 10, 2022 and it has not been permitted yet.

The majority, or 68 percent of the 480,200 square feet of built space are elevator buildings, with mixed-use buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Joel Braver owned at least 10 commercial properties in New York City with 491,094 square feet and a city-determined market value of $78.3 million. (Market value is typically about 50% of actual value.) The portfolio has $48.8 million in debt, borrowed from Valley National Bank and Signature Bank. Within the portfolio, the bulk, or 85 percent of the 491,094 square feet of built space are elevator properties, with rental condo properties next occupying 12 percent of the space. They are all located in Brooklyn.

Correction: A prior version of this post had a photograph of the wrong property address.

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