Townhouse Rental II, L.L.C. pays $2.2M for 3-family in Bushwick, adds to $84M in acquisitions

The entity Townhouse Rental II, L.L.C. paid $2.2 million to Joseph Yaakovzadev, Oren Itzhak, Rabia Yaghobzadeh, and Yaniv Yitzhak through the entity 1024 Bricks LLC for the three-unit walkup at 87 Moffat Street in Bushwick, Brooklyn.
The deal closed on February 17, 2022 and was recorded on March 1, 2022.
The property has 5,200 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $432 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 March 4, 2020, for $880,000.
The signatory for Joseph Yaakovzadev, Oren Itzhak, Rabia Yaghobzadeh, and Yaniv Yitzhak was Yaniv Yitzhak. The signatory for Townhouse Rental II, L.L.C. was Carter Martin.
Prior to this transaction, the buyer Townhouse Rental II, L.L.C. purchased 24 properties in 24 transactions for a total of $83.7 million and had not sold any properties over the past 24 months.
The seller Joseph Yaakovzadev had not purchased any other properties and had not sold any properties over the same time period.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $695,250. Those filings sought to increase the number of residential units by 3 to 6. One of the projects was to change the building from a RES to a R-2 and change the number of residential units from 3 to 6 and was permitted on September 8, 2020.
Joseph Yaakovzadev, Oren Itzhak, Rabia Yaghobzadeh, and Yaniv Yitzhak signed for the property owner LLC on the previous mortgage.
In Bushwick, the bulk, 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 among other neighborhoods 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 and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were six pre-foreclosure suit filed among other 1-4 family buildings in the past 12 months.
On the tax block, the majority, or 59 percent of the 174,538 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 16 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Joseph Yaakovzadeh, head officer and Yaniv Izhak, officer. The business entity is 1024 Bricks Llc.
Within a 400-foot radius of 87 Moffat Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on July 27, 2020 for the $640,190 renovation of 4,945-square-foot R-2 building with seven residential units at 89 Moffat Street.
Of those three items, two were loans above $5 million totaling $74.2 million. The most recent of the two was Greenbrook Partners which borrowed $65.6 million from Invesco Real Estate secured by the 4,391-square-foot, two-unit two-family building (B2) on 79A Cooper Street and 10 other properties on April 12, 2021.

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