Yellow Jacket Ventures pays $2.2M for 22-unit walkup in Flatbush
Yellow Jacket Ventures through the entity Flatbush Hills LLC paid $2.2 million to the Eloi Francis estate for the 22-unit residential walkup building (C1) at 2102 Newkirk Avenue in Flatbush, Brooklyn.
The deal closed on March 22, 2023 and was recorded on April 19, 2023. The property has 15,680 square feet of built space and 8,723 square feet of additional air rights for a total buildable of 24,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $143 and the price per buildable square foot is $92 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 Eloi Francis estate was Susan Sykes and Lewis I. Knopf. The signatory for Yellow Jacket Ventures was Akiva J. Kurland.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Yellow Jacket Ventures had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eloi Francis estate 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 Lewis Knopf, head officer and Clinton Jack, site manager. The business entities are Harlem Property Management Inc. and Estate Of Eloi Francis. The 15,680-square-foot property generated revenue of $279,640 or $18 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 22 residential units in Flatbush has 15,680 square feet of built space and 8,723 square feet of additional air rights for a total buildable of 24,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 89 feet deep with a total lot size of 6,100 square feet. The lot is irregular. 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 $905,000.
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 $830 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 four of the 14 commercial properties representing 115,774 square feet of the 245,174 square feet. The largest owner is Zalmen Management, followed by Meridian Capital Group and then Alchemy Ventures.
On the tax block, there were two new building construction projects totaling 23,716 square feet. The largest is a 16-unit, 12,634 square-foot residential (R-2) building submitted by Jovanny Pena with plans filed December 18, 2014 and it has not been permitted yet. The second largest is a 17-unit, 11,082 square-foot residential (R-2) building submitted by Pena Jovanny with plans filed August 17, 2017 and permitted October 6, 2020.
The majority, or 65 percent of the 245,174 square feet of built space are walkup buildings, with elevator buildings next occupying 35 percent of the space.
The buyer
The PincusCo database currently indicates that Yellow Jacket Ventures owned at least two commercial properties with 16 residential units in New York City with 14,492 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $17.7 million in debt, borrowed from Northeast Community Bank and Citibank. Within the portfolio, the bulk, or 100 percent of the 14,492 square feet of built space are walkup properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.
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