Titan acquires two foreclosed Brookland Capital developments through $2.2M transfer in Crown Heights

Titan Capital, as former lender, through the entity Titan Capital ID, LLC acquired from former Brookland Capital properties through the entity Helmut Borchert, Esq. including the 13-unit residential elevator building (D3) at 1314 Lincoln Place in Crown Heights, Brooklyn and 13-unit residential elevator building (D3) at 1308 Lincoln Place in Crown Heights, Brooklyn. The transfer was valued at $2.2 million.
The deal closed on August 18, 2022 and was recorded on September 7, 2022. The two properties have 20,164 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $109 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 Brookland Capital foreclosed properties was Helmut Borchert. Titan Capital was the lender, and by foreclosure obtained control of the properties.

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 1314 Lincoln Place.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Titan Capital purchased two properties in two transactions for a total of $7.1 million and has no record it sold any properties over the past 24 months.
The seller Brookland Capital had not purchased any other properties and through foreclosure lost two properties in two transactions for a total of $7.1 million over the same time period.

The property

The 1314 Lincoln Place parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 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 $784,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received one DOB violation, $44,930 in ECB penalties, and $45,010 in OATH penalties in the last year.

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 17,574 square feet. The largest is a new building project for a 13-unit, 8,787-square-foot R-2 building developed by Boaz Gilad with plans filed September 23, 2014 and permitted November 2, 2015. The second largest is a new building project for a 13-unit, 8,787-square-foot R-2 building developed by Boaz Gilad with plans filed September 23, 2014 and permitted November 18, 2015.

The block

On the tax block of 1314 Lincoln Place, PincusCo has identified the owners of 14 of the 21 commercial properties representing 125,576 square feet of the 188,313 square feet. The largest owner is Yechiel Weinberger, followed by Randazzo Enterprises and then Mordechai G. Piller.
There are two active new building construction projects totaling 17,574 square feet. The largest is a 13-unit, 8,787-square-foot R-2 building developed by Boaz Gilad with plans filed September 23, 2014 and permitted November 18, 2015. The second largest is a 13-unit, 8,787-square-foot R-2 building developed by Boaz Gilad with plans filed September 23, 2014 and permitted July 24, 2015.

the majority, or 56 percent of the 188,313 square feet of built space are walkup buildings, with mixed-use buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Titan Capital owned at least two commercial properties in New York City with 17,175 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 17,175 square feet of built space are elevator properties, with C1 properties next occupying 44 percent of the space. They are all located in Brooklyn.

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