Victor Khallouf pays $3.5M for 8-unit walkup in Bedford Stuyvesant
Victor Khallouf through the entity 960 Myrtle LLC paid $3.5 million to Balbir Singh through the entity 960 Myrtle Ave LLC for the eight-unit residential walkup building (C7) at 960 Myrtle Avenue in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on October 15, 2024 and was recorded on October 24, 2024. The property has 6,000 square feet of built space and 4,500 square feet of additional air rights for a total buildable of 10,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $583 and the price per buildable square foot is $333 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 5, 2024, for $3.5 million. The signatory for Balbir Singh was Balbir Singh. The signatory for Victor Khallouf was Victor Khallouf. The contract date was September 18, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Victor Khallouf had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Balbir Singh purchased one property in one transaction for a total of $3.5 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Yaakov Fuzailor, head officer and Yaakov Fuzailov, site manager. The business entity is Jack Paz Llc.
The property
The residential walkup building with 8 residential units in Bedford Stuyvesant has 6,000 square feet of built space and 4,500 square feet of additional air rights for a total buildable of 10,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $695,000. The property has 8 rent regulated units according to city tax records from 2022.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,080 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of nine of the 22 commercial properties representing 69,923 square feet of the 85,256 square feet. The largest owner is Triumph Real Estate Management, followed by Brooklyn North Capital and then Yehuda Kohn.
On the tax block, there were two new building construction projects totaling 9,197 square feet. The largest is a five-unit, 5,653 square-foot residential (R-2) building submitted by Mosad Aljahmi with plans filed June 28, 2019 and it has not been permitted yet. The second largest is a two-unit, 3,544 square-foot residential (R-3) building submitted by William Schneider with plans filed April 3, 2015 and permitted October 30, 2017.
The majority, or 41 percent of the 85,256 square feet of built space are walkup buildings, with specialty buildings next occupying 33 percent of the space.
The seller
The PincusCo database currently indicates that Balbir Singh owned at least one commercial property with eight residential units in New York City with 6,000 square feet and a city-determined market value of $695,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
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