Tzvi Schwartz pays $13.1M to Avdoo & Partners for property in Bed Stuy

Tzvi Schwartz through the entity Bm 760 Dekalb Ave LLC paid $13.1 million to Avdoo & Partners Development through the entity Har Nevo II LLC for property at 760 Dekalb Avenue in Bed Stuy, Brooklyn.
The deal closed on March 18, 2022 and was recorded on April 11, 2022. The property has 47,680 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $274 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 July 23, 2018, for $9.5 million. The signatory for Avdoo & Partners Development was Shlomi Avdoo. The signatory for Tzvi Schwartz was Tzvi Schwartz. Shlomi Avdoois the founder of Avdoo & Partners.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tzvi Schwartz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Avdoo & Partners Development purchased four properties in two transactions for a total of $44.4 million and had not sold any properties over the same time period.

The property

The 760 Dekalb Avenue parcel has a total lot size of 47,680 square feet. The city-designated market value for the property in 2022 is $3 million. The most recent loan totaled $9 million and was provided by Signature Bank on July 23, 2020.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 150,220 square feet of the 157,820 square feet. The largest owner is Avdoo & Partners, followed by Level One Holdings and then Lazar Mauskopf. There are two active new building construction projects totaling 33,430 square feet. The largest is a 37-unit, 24,806-square-foot R-2 building developed by Shlomi Avdoo with plans filed February 25, 2015 and it has not been permitted yet.The second largest is a 10-unit, 8,624-square-foot R-2 building developed by Solomon Schwimmer with plans filed June 3, 2020 and permitted June 29, 2021.

The majority, or 39 percent of the 287,362 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Avdoo & Partners Development owned at least four commercial properties with 18,955 square feet and a city-determined market value of $2.5 million. (Market value is typically about 50% of actual value.) The portfolio has $27.8 million in debt, borrowed from Bank Leumi. Within the portfolio, the bulk, or 100 percent of the 18,955 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

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