Yisroel Chaim Ilowitz pays $4.3M for retail in Dyker Heights

Yisroel Chaim Ilowitz through the entity 7416 13th Ave LLC paid $4.3 million to Beatrice Ferrara Hoffman and Catherine Ferrara Sabella through the entity Beatrice Ferrara Hoffman Revocable Living Trust for the midblock retail building at 7416 13th Avenue in Dyker Heights, Brooklyn.
The deal closed on May 27, 2022 and was recorded on June 24, 2022. The property has 6,996 square feet of built space and 13,000 square feet of additional air rights for a total buildable of 20,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $621 and the price per buildable square foot is $217 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 Beatrice Ferrara Hoffman and Catherine Ferrara Sabella was Beatrice Ferrara Hoffman and Catherine Ferrara Sabella. The signatory for Yisroel Chaim Ilowitz was Yisroel Chaim Ilowitz.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Yisroel Chaim Ilowitz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Beatrice Ferrara Hoffman had not purchased any other properties and had not sold any properties over the same time period.

The property

The 7416 13th Avenue parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 million.

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 Dyker Heights, the majority, or 62 percent of the 20.3 million square feet of commercial built space are 1-4 family buildings, with mixed-use buildings next occupying 10 percent of the space. In sales, Dyker Heights has had very little sales volume relative to other neighborhoods with $62.3 million in sales volume in the last two years. For development, Dyker Heights has had very little major development activity relative to other neighborhoods.It had 303,035 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 10,560 square feet of the 42,376 square feet. The identified owner is Carmelo Cutrona. There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 175,128 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 14 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 7416 13th Avenue that occurred over the past 24 months.

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