Townhouse Rental II, L.L.C. pays $10.2M for walkups in Bushwick, Crown Heights

The entity Townhouse Rental II, L.L.C paid a total of $10.2 million to two separate transactions for walkup buildings in Bushwick and Crown Heights in Brooklyn. It is unclear who controls Townhouse Rental II, L.L.C., however it is one of the most active buyers in the city of small walkup buildings. Prior to this transaction, the buyer Townhouse Rental II, L.L.C purchased 11 properties in 11 transactions for a total of $36.4 million and had not sold any properties over the past 24 months.

In the first, Townhouse Rental II, L.L.C paid $6.2 million to Jacob Fulop through the entity Belvedere Lofts LLC for eight-unit residential walkup building at 12 Belvidere Street in Bushwick, Brooklyn.
The deal closed on December 30, 2021 and was recorded on January 13, 2022.
The property has 6,240 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,001 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 January 9, 2017, for $3 million.
The signatory for Jacob Fulop was Jacob Fulop. The signatory for Townhouse Rental II, L.L.C was Carter Martin.

The seller Jacob Fulop had not purchased any other properties and sold two properties in two transactions for a total of $4.6 million over the same time period.
The 6,240-square-foot property generated revenue of $131,290 or $21 per square foot, according to the most recent income and expense figures.

In Bushwick, the majority, or 32 percent of the 51.4 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 29 percent of the space. In sales, Bushwick has 3.3 times the average sales volume in the city with $910.2 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.2 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Brooklyn. It had 1.1 million square feet of commercial construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were 11 pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 51 percent of the 147,445 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 35 percent of the space.
The former owners according to the Department of Housing Preservation and Development includes Debby Fulop, head officer and David Solaman, agent. The business entities are Belvedre Lofts Llc and Belvedere Lofts Llc.
Within a 400-foot radius of 12 Belvidere Street, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit issued on June 25, 2020 for a 47,743-square-foot B building at 886 Broadway.
Of those six items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $301,680 and one permit with a total initial cost of $407,484. The most recent of these two items was the filing on March 24, 2021 for a 4,450-square-foot A-2 building with two residential units at 29 Locust Street.
One of those six items was a sale which Congregation Satmar Central bought the 14,800-square-foot, one-unit industrial (E1) on 38 Locust Street for $5.4 million from Gordon Property Group on November 24, 2021.
Of those six items, two were loans above $5 million totaling $17.3 million. The most recent of the two was John T. Stabler which borrowed $10 million from G4 Capital Partners secured by the 43,000-square-foot, 17-unit rental (D2) on 81 Beaver Street on February 11, 2021.

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In the second, Townhouse Rental II, L.L.C. paid $4 million to Elad Ben-Kimon through the entity 368 New York Ave LLC for two-unit 1-4 family building at 368 New York Avenue in Crown Heights, Brooklyn.
The deal closed on November 30, 2021 and was recorded on January 13, 2022.
The property has 3,312 square feet of built space and 1,540 square feet of additional air rights for a total buildable of 4,860 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,192 and the price per buildable square foot is $812 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 September 10, 2019, for $1.1 million.
The signatory for Elad Ben-Kimon was Elad Ben-Kimon.
Prior to this transaction, the buyer Townhouse Rental II, L.L.C purchased three properties in three transactions for a total of $11.6 million and had not sold any properties over the past 24 months.
The seller Elad Ben-Kimon had not purchased any other properties and had not sold any properties over the same time period.
(321596983)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 6 residential units on November 17, 2021.
In Crown Heights, the majority, or 27 percent of the 66.4 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 27 percent of the space. In sales, Crown Heights has 1.2 times the average sales volume in the city with $336.3 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Crown Heights has 1.7 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.6 million square feet of commercial construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were eight pre-foreclosure suit filed among other 1-4 family buildings in the past 12 months.
On the tax block, the majority, or 62 percent of the 266,310 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 31 percent of the space.
FALSE

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