Under-the-radar landlord sells 2-family in Bed-Stuy for $2.8M

The entity Poppy & Pluto LLC paid $2.8 million to under-the-radar large landlord Joseph Yaakovzadeh through the entity Sterling Bricks LLC for the two-unit building (B3) at 191A Halsey Street in Bedford Stuyvesant, Brooklyn.
The deal closed on October 19, 2022 and was recorded on October 31, 2022. The property has 2,700 square feet of built space and 1,050 square feet of additional air rights for a total buildable of 3,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,046 and the price per buildable square foot is $753 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 9, 2022, for $1.4 million. The signatory for Joseph Yaakovzadeh was Matthew Matatof. The signatory for Poppy & Pluto LLC was Jill E. Sodafsky. Joseph Yaakovzadeh owns at least 22 other properties with a total of 111 units.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Yaakovzadeh had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Yaakovzadeh, head officer and Yaniv Izhak, officer. The business entity is Sterling Bricks Llc.

The property

The 191A Halsey Street parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,875 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 five of the 14 commercial properties representing 57,671 square feet of the 97,700 square feet. The largest owner is Shlomo Karpen, followed by Gail Blaize and then Yehuda Cohen.
On the tax block, there was one new building construction project filed totaling 5,625 square feet. It is a four-unit, 5,625-square-foot R-2 building developed by Chaim Narkis with plans filed November 7, 2012 and it has not been permitted yet.

The majority, or 54 percent of the 75,814 square feet of built space are elevator buildings, with walkup buildings next occupying 38 percent of the space.

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