Six-unit rental in Prospect Lefferts Gardens sells for $1.9M

Ian Whalen through the entity 467 Rogers Avenue LLC paid $1.9 million to Jason Wiley through the entity Dev Squared Ave Property, LLC for the six-unit property (C5) at 467 Rogers Avenue in Prospect Lefferts Gardens, Brooklyn. The expected use is cash flowing.
The deal closed on December 6, 2024 and was recorded on December 13, 2024. The property has 4,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $431 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 April 18, 2024, for $1.2 million. The signatory for Jason Wiley was Jason Wiley. The signatory for Ian Whalen was Ian M. Whalen. The contract date was August 1, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ian Whalen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jason Wiley had not purchased any other properties and had not sold any properties over the same time period.

The property

The property with 6 residential units in Prospect Lefferts Gardens has 4,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 85 feet deep with a total lot size of 1,700 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 $961,000.

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 $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 nine of the 24 commercial properties representing 87,438 square feet of the 170,192 square feet. The largest owner is Joseph Tawil, followed by Meridian Properties and then Sugar Hill Capital Partners.
On the tax block, there were two new building construction projects totaling 19,411 square feet. The largest is a 17-unit, 13,200 square-foot residential (R-2) building submitted by Mike Mckany with plans filed December 19, 2014 and it has not been permitted yet. The second largest is a eight-unit, 6,211 square-foot residential (R-2) building submitted by Kfir Yosef with plans filed September 9, 2015 and it has not been permitted yet.

The majority, or 42 percent of the 170,192 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.

Direct link to Acris document. link