Yeshiva Ohr Yisrael pays $5.5M to Yeshiva Ahavas Torah for building in Marine Park

Yeshiva Ohr Yisrael through the entity Yeshiva Ohr Yisrael paid $5.5 million to Yeshiva Ahavas Torah through the entity Yeshiva Ahavas Torah for the specialty building (W2) at 1607 Burnett Street in Marine Park, Brooklyn.
The deal closed on June 15, 2023 and was recorded on July 10, 2023. The property has 22,465 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $244 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 Yeshiva Ahavas Torah was Zev Zylberberg. The signatory for Yeshiva Ohr Yisrael was Alan Zucker.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yeshiva Ohr Yisrael had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yeshiva Ahavas Torah had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Marine Park has 22,465 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 124 feet and is 100 feet deep with a total lot size of 14,199 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.8 million.

Violations and lawsuits

The property was involved in one court case and zero bankruptcies over the past two years. The court case was a $5.5 million petition seeking a leave to sell the property, filed on March 6, 2023, by Yeshiva Ahavas Torah with Yeshiva Ohr Yisrael as the buyer. In addition, according to city public data, the property has received $1,310 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 Marine Park, The bulk, or 26 percent of the 2.1 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 25 percent of the space. In sales, Marine Park has the 45th highest sale turnover among other neighborhoods in Brooklyn with $20.2 million in sales volume in the last two years. For development, Marine Park has had very little major development activity relative to other neighborhoods.It had 11,641 square feet of commercial and multi-family construction under development in the last two years, which represents 0.56 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 46,765 square feet of built space are specialty buildings, with mixed-use buildings next occupying 43 percent of the space.

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