Tair Yakubov pays $9.2M for 13-unit walkup building in Boerum Hill

Tair Yakubov through the entity 399 Atlantic LLC paid $9.2 million to the Piscione Family, Battaglia Family, Michael Marino, and Ralph Shalom for the 13-unit residential walkup building at 399 Atlantic Avenue in Boerum Hill, Brooklyn.
The deal closed on February 15, 2022 and was recorded on March 2, 2022.
The property has 14,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $637 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 Piscione Family, Battaglia Family, Michael Marino, and Ralph Shalom was Anthony Piscione, Carmela Socci, Michael Marino, and Ralph Shalom. The signatory for Tair Yakubov was Vladislav Tsirkin.

The 14,500-square-foot property generated revenue of $666,981 or $46 per square foot, according to the most recent income and expense figures.

Tair Yakubov signed on the mortgage following the acquisition of the property.

In Boerum Hill, the bulk, or 25 percent of the 13 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 24 percent of the space. In sales, Boerum Hill has had very little sales volume relative to other neighborhoods with $226.2 million in sales volume in the last two years. For development, Boerum Hill has had very little major development activity relative to other neighborhoods.It had 438,190 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.
On the tax block, the majority, or 40 percent of the 247,091 square feet of built space are mixed-use buildings, with 1-4 family buildings next occupying 26 percent of the space.
The former owner according to the Department of Housing Preservation and Development was Victor Battaglia, head officer. The business entity is Bond & Atlanta Realty Association.
Within a 400-foot radius of 399 Atlantic Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.

Of those five items, two were sales above $5 million totaling $50.3 million. The most recent of the two was 385 Atlantic Avenue LLC which bought the 4,220-square-foot, four-unit mixed-use building (S3) on 385 Atlantic Avenue for $5.3 million from Barbara Moore on October 8, 2021.
Of those five items, two were loans above $5 million totaling $44.2 million. The most recent of the two was GFI Capital Resources Group which borrowed $35.8 million from iStar secured by the 165,534-square-foot hotel (H2) on 61 Bond Street on February 10, 2021.

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