Yisroel Blackman pays $6.8M for bankrupted mixed-use property in Borough Park

Yisroel Blackman through the entity Neptune 12 Ave, LLC paid $6.8 million to the bankrupted entity 4921 12th Avenue, LLC for four-unit rental condo at 4917 12th Avenue in Borough Park, Brooklyn and the retail condo at 4917 12th Avenue in Borough Park, Brooklyn. The original property developer was Yehuda Salamon.
The deal closed on September 16, 2022 and was recorded on October 6, 2022. The two properties have 13,751 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $494 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 the bankrupt entity was Mark Frankel.

The sale was brokered by Rosewood Realty Group.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yisroel Blackman purchased two properties in one transaction for a total of $4.3 million and has no record it sold any properties over the past 24 months.

The property

The 4917 12th Avenue parcel has a total lot size of 6,611 square feet. The city-designated market value for the property in 2022 is $1.3 million.

The neighborhood

In Borough Park, the bulk, or 23 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has had very little sales volume relative to other neighborhoods with $251.3 million in sales volume in the last two years. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 4917 12th Avenue, PincusCo has identified the owners of one of the 25 commercial properties representing 6,200 square feet of the 228,209 square feet. The identified owner is Yosef Simpson.
On the tax block, there was one new building construction project filed totaling 4,407 square feet. It is a three-unit, 4,407-square-foot R-2 building developed by Rubinstein Josh with plans filed February 25, 2009 and permitted May 7, 2013.

The majority, or 53 percent of the 214,458 square feet of built space are elevator buildings, with mixed-use buildings next occupying 47 percent of the space.

The buyer

The PincusCo database currently indicates that Yisroel Blackman owned at least three commercial properties in New York City with 30,929 square feet and a city-determined market value of $3.3 million. (Market value is typically about 50% of actual value.) The portfolio has $6.1 million in debt, borrowed from Webster Bank. Within the portfolio, the bulk, or 81 percent of the 30,929 square feet of built space are industrial properties, with office properties next occupying 19 percent of the space. They are all located in Brooklyn.

UPDATED: The post was updated to include the broker.

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