Vista Property pays $4.5M for portion of Sheepshead Bay dev site

Vista Property, with offices in New York, Chicago and London, through the entity 627 Avenue U LLC paid $4.5 million to Abraham Cohen and Jacob Tambor through the entity Ocean Villas II LLC for the development parcels (V0) at 617 and 629 Avenue U in Sheepshead Bay, Brooklyn. There are three other vacant lots that are part of the development site but not part of this transaction.

Vista Property is led by Hymie Mishan and Saul Sutton.

The property is adjacent to a building owned by the Edmond J. Safra Synagogue.
The deal closed on November 13, 2024 and was recorded on November 18, 2024. The two properties have zero square feet of built space and 13,767 square feet of additional air rights for a total buildable of 13,767 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $326 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 signatories for Abraham Cohen and Jacob Tambor were Abraham Cohen and Jacob Tambor. The signatory for Vista Property was Gina Murillo, an attorney. The contract date was August 22, 2024.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 629 Avenue U.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Vista Property had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Abraham Cohen had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 20 feet and is 87 feet deep with a total lot size of 1,740 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $344,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $250 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 neighborhood

In Sheepshead Bay, The bulk, or 43 percent of the 26.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.6 times the average sales volume among other neighborhoods with $398.2 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 828,932 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block, there were four new building construction projects totaling 44,262 square feet. The largest is a 22,171 square-foot assembly (A-3) building submitted by Morris Dweck with plans filed August 10, 2011 and permitted January 13, 2016. The second largest is a one-unit, 7,945 square-foot residential (R-3) building submitted by Haskel Cohen with plans filed October 5, 2016 and permitted March 3, 2021.

All properties are development.

The seller

The PincusCo database currently indicates that Jacob Tambor owned at least one commercial property with 34 residential units in New York City with 26,969 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) The portfolio has $14.5 million in debt, borrowed from Arbor Realty Trust. The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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