Yitzchok Weinberg pays $4.8M for mixed-use in Flatlands

Yitzchok Weinberg of Griffon Ventures through the entity FCF 1860 LLC paid $4.8 million to Morris Neuman through the entity Jdm Realty Group LLC for the three-unit mixed-use building (K4) at 1860 Flatbush Avenue in Flatlands, Brooklyn.
The deal closed on September 5, 2024 and was recorded on September 10, 2024. The property has 14,940 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $321 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 seller bought the property on March 4, 2015, for $2.1 million.

The property

The parcel has two buildings with frontage of 114 feet and is 100 feet deep with a total lot size of 9,000 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 million.

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 $75 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 Flatlands, The bulk, or 35 percent of the 6.3 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 19 percent of the space. In sales, Flatlands has had very little sales volume relative to other neighborhoods with $99.7 million in sales volume in the last two years. For development, Flatlands has had very little major development activity relative to other neighborhoods.It had 216,277 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 16 commercial properties representing 25,600 square feet of the 77,060 square feet. The identified owner is Zalmen Management.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 77,060 square feet of built space are mixed-use buildings, with walkup buildings next occupying 33 percent of the space.

Direct link to Acris document. link