Yeshivat Ohel Torah pays $1.1M for Sheepshead parcel adjacent to previous $4.8M purchase

Yeshivat Ohel Torah paid $1.1 million to Lisa Wisniewski through the entity 2941 Avenue S LLC for the mixed-use building (K1) at 2941 Avenue S in Sheepshead Bay, Brooklyn.
In April, paid $4.8 million for the adjacent property, 2939 Avenue S, a 9,975-square-foot retail (K1) building.
The new deal closed on November 15, 2022 and was recorded on November 18, 2022.The property has 2,465 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $466 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 Lisa Wisniewski was Lisa Wisniewski. The signatory for Yeshivat Ohel Torah was Joseph Cohen.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yeshivat Ohel Torah purchased one properties in one transactions for a total of $4.8 million and has no record it sold any properties over the past 24 months.
The seller Lisa Wisniewski had not purchased any other properties and had not sold any properties over the same time period. The 2,465-square-foot property generated revenue of $43,712 or $18 per square foot, according to the most recent income and expense figures.

The property

The 2941 Avenue S parcel has frontage of 29 feet and is 95 feet deep with a total lot size of 2,755 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $165,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Sheepshead Bay, the bulk, or 43 percent of the 25.8 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 1.2 times the average sales volume among other neighborhoods with $401.8 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 642,199 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 15 commercial properties representing 9,975 square feet of the 28,240 square feet. The identified owner is Yeshivat Ohel Torah.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 28,240 square feet of built space are retail buildings, with mixed-use buildings next occupying 46 percent of the space.

The buyer

The PincusCo database currently indicates that Yeshivat Ohel Torah owned at least one commercial property in New York City with 9,975 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

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