Titan Capital acquires foreclosed Brookland Capital 10-unit dev site in Crown Heights, valued at $3.6M
Titan Capital through the entity Titan Capital ID, LLC acquired at a valuation of $3.6 million following the foreclosure of a Brookland Capital midblock 10-unit development site at 1238 Lincoln Place in Crown Heights, Brooklyn.
The deal closed on February 4, 2022 and was recorded on March 7, 2022.The property has 7,582 square feet of built space and 17,649 square feet of additional air rights for a total buildable of 25,228 square feet according to PincusCo analysis of city data. The sale price per built square foot is $476 and the price per buildable square foot is $143 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 May 31, 2013, for $2.1 million. The signatory for Brookland Capital foreclosed was Helmut Borchert. The signatory for Titan Capital was David Saferstein. Helmut Borchert is a referee for the foreclosed Brookland Capital entity.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Titan Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The property
The 1238 Lincoln Place parcel has frontage of 28 feet and is 110 feet deep with a total lot size of 10,382 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 $735,000.
Violations and lawsuits
According to city public data, the property has received $8,125 in ECB penalties and $6,875 in OATH penalties in the last year.
Development
On these lots, there is one active new building construction project for a 10-unit, 6,801-square-foot R-2 building. The project was developed by Boaz Gilad with plans filed February 12, 2014 and it has not been permitted yet.
The block
On this tax block, PincusCo has identified the owners of four of the 12 commercial properties representing 131,918 square feet of the 285,830 square feet. The largest owner is NYC Department of Education, followed by Clairmont Group and then CBZ Management. There are two active new building construction projects totaling 86,619 square feet. The largest is a 79,818-square-foot school E building with plans filed June 29, 2021 and it has not been permitted yet. The second largest is this parcel.
The majority, or 44 percent of the 316,652 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 25 percent of the space.
Surrounding
Within a 400-foot radius of 1238 Lincoln Place, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, six were loans above $5 million totaling $123.1 million. The most recent of the six was CBZ Management which borrowed $12.6 million from Customers Bank secured by the 28,647-square-foot, 31-unit rental (C1) on 1212 Lincoln Place and three other properties on January 10, 2022.
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