Superior Realty Group pays $2.5M for 3-family in Borough Park

Dov Rabinowitz’s Superior Realty Group through the entity 7101 Colonial Apts. LLC paid $2.5 million to Chaya Wolhendler as trustee for the three-unit building (C0) at 1333 48th Street in Borough Park, Brooklyn.
The deal closed on February 23, 2023 and was recorded on March 1, 2023. The property has 2,480 square feet of built space and 2,383 square feet of additional air rights for a total buildable of 4,867 square feet according to PincusCo analysis of city data. The sale price per built square foot is $987 and the price per buildable square foot is $503 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 signatory for Chaya Wolhendler was Chaya Wolhendler. The signatory for Superior Realty Group was Dov Rabinowitz.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Superior Realty Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Chaya Wolhendler had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1333 48th Street parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,003 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 $1.3 million.

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.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 21 commercial properties representing 77,346 square feet of the 283,408 square feet. The largest owner is Nessim Tammam, followed by Moses Eckstein and then Leibish Lemel.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 283,408 square feet of built space are elevator buildings, with mixed-use buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Superior Realty Group owned at least one commercial property in New York City with 6,308 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

Direct link to Acris document. link