Talmudical Seminary of Bobov pays $8.4M for 3 properties in Borough Park

The Talmudical Seminary of Bobov paid $8.38 million to Sonnia Torres for three industrial properties at 3706 to 3710 15th Avenue in Borough Park, Brooklyn, in three separate transactions.

In the first, the Talmudical Seminary of Bobov through the entity Tsob 5782 LLC paid $5.4 million to Sonnia Torres through the entity Falbros Realty Corp. for the industrial building (E2) at 3708 15th Avenue in Borough Park, Brooklyn and industrial building (G7) at 3706 15th Avenue in Borough Park, Brooklyn.
The deal closed on April 21, 2023 and was recorded on May 3, 2023. The two properties have 500 square feet of built space and 17,685 square feet of additional air rights for a total buildable of 18,181 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $10,824 and the price per buildable square foot is $297 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.)

In the second, the Talmudical Seminary of Bobov through the entity Tsob 5782 LLC paid $3 million to Sonnia Torres through the entity Ramset Realty Corp. for the industrial building (E2) at 3710 15th Avenue in Borough Park, Brooklyn.
The deal closed on April 21, 2023 and was recorded on May 3, 2023. The property has 2,000 square feet of built space and 2,860 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,484 and the price per buildable square foot is $610 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 Sonnia Torres was Sonnia Torres. The signatory for Talmudical Seminary of Bobov was Herman Reinhold.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 3706 15th Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Talmudical Seminary of Bobov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sonnia Torres had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Borough Park has 500 square feet of built space and 17,685 square feet of additional air rights for a total buildable of 18,181 square feet according to a PincusCo analysis of city data. The parcel has frontage of 129 feet and is 50 feet deep with a total lot size of 6,450 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 $591,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 $1 million on this tax lot.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has near average sales volume among other neighborhoods with $399.1 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 827,498 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 3706 15th Avenue, PincusCo has identified the owners of one of the 19 commercial properties representing 35,728 square feet of the 107,328 square feet. The identified owner is Susan Strasser.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 107,328 square feet of built space are office buildings, with specialty buildings next occupying 18 percent of the space.

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