Urban View Development Group through the entity 87 Irving Realty LLC paid $8.2 million to Jonas Equities through the entity 81-87 Irving Place LLC for midblock specialty building at 81-87 Irving Place in Clinton Hill, Brooklyn.
The deal closed on February 18, 2022 and was recorded on March 7, 2022.The property has 26,500 square feet of built space and 5,520 square feet of additional air rights for a total buildable of 32,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $311 and the price per buildable square foot is $257 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 signatory for Jonas Equities was Laurence Bernstein. The signatory for Urban View Development Group was Nadav Hamo.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Urban View Development Group had purchased any other properties and sold six properties in six transactions for a total of $18.9 million over the past 24 months.
The seller Jonas Equities purchased properties in two transactions for a total of $27 million and had not sold any properties over the same time period.
The 81-87 Irving Place parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.1 million.
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 received $1,000 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
In Clinton Hill, the bulk, or 36 percent of the 18.8 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 22 percent of the space. In sales, Clinton Hill has near average sales volume among other neighborhoods with $303.9 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Clinton Hill has 1.4 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 27,232 square feet of the 61,562 square feet. The two identified owners are Urban View Development Group and G-Way Management. There are no active new building construction projects on this tax block.
The majority, or 46 percent of the 133,115 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 20 percent of the space.
The PincusCo database currently indicates that Jonas Equities owned at least three commercial properties with 563,001 square feet and a city-determined market value of $65.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are residential elevator properties. They are all located in Brooklyn.
The PincusCo database currently indicates that Urban View Development Group owned at least six commercial properties with 54,852 square feet and a city-determined market value of $10.1 million. (Market value is typically about 50% of actual value.) The portfolio has $32 million in debt, borrowed from Terra Solid Capital and Goldman Sachs. Within the portfolio, the bulk, or 66 percent of the 54,852 square feet of built space are residential elevator properties, with residential walkup properties next occupying 34 percent of the space. They are all located in Brooklyn.
Within a 400-foot radius of 81-87 Irving Place, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on November 5, 2020 for a 50,874-square-foot R-2 building with 50 residential units at 108 Downing Street.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on June 29, 2020 for the $800,000 renovation of 6,845-square-foot R-2 building with six residential units at 512 Classon Avenue.
One of those seven items was a sale which Yehuda Cohen bought the 21,632-square-foot, 30-unit rental (D1) on 1071 Fulton Street for $10.2 million from New Start Development on October 27, 2021.
Of those seven items, four were loans above $5 million totaling $58.5 million. The most recent of the four was Sterling Town Equities which borrowed $14.4 million from Morgan Stanley secured by the 29,249-square-foot, 36-unit rental (D7) on 1037 Fulton Street on January 25, 2022.
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