Yoav Agayev pays $5.2M for three buildings in Borough Park

Yoav Agayev paid $5.2 million to Howard Rubin and Maurice Levene for three properties in Borough Park, Brooklyn, in three separate transactions.

In the first, Yoav Agayev through the entity 3904 Fort Hamilton Properties LLC paid $2.1 million to Howard Rubin and Maurice Levene through the entity Bar-Nan Realty Corp. for the industrial building (G2) at 3904 Fort Hamilton Parkway in Borough Park, Brooklyn.
The deal closed on June 29, 2023 and was recorded on July 10, 2023. The property has 4,530 square feet of built space and 4,533 square feet of additional air rights for a total buildable of 9,066 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $463 and the price per buildable square foot is $231 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 Howard Rubin and Maurice Levene was Howard Rubin and Maurice Levene. The signatory for Yoav Agayev was Yoav Agayev.

In the second, Yoav Agayev through the entity 1074 39th Properties LLC paid $1.7 million to Howard Rubin and Maurice Levene through the entity Bar-Nan Realty Corp. for the industrial building (G2) at 1074 39th Street in Borough Park, Brooklyn. The deal closed on June 29, 2023 and was recorded on July 10, 2023. The property has 3,800 square feet of built space and 3,807 square feet of additional air rights for a total buildable of 7,614 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $447 and the price per buildable square foot is $223 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 Howard Rubin and Maurice Levene was Howard Rubin and Maurice Levene. The signatory for Yoav Agayev was Yoav Agayev.

In the third, Yoav Agayev through the entity 3908 Fort Hamilton Properties LLC paid $1.4 million to Howard Rubin and Maurice Levene through the entity Bar-Nan Realty Corp. for the two-unit mixed-use building (S2) at 3908 Fort Hamilton Parkway in Borough Park, Brooklyn. The deal closed on June 29, 2023 and was recorded on July 10, 2023. The property has 3,840 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $364 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 Howard Rubin and Maurice Levene was Howard Rubin and Maurice Levene. The signatory for Yoav Agayev was Yoav Agayev.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yoav Agayev had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Howard Rubin had not purchased any other properties and had not sold any properties over the same time period. The 4,530-square-foot property generated revenue of $102,695 or $23 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Borough Park has 4,530 square feet of built space and 4,533 square feet of additional air rights for a total buildable of 9,066 square feet according to a PincusCo analysis of city data. The parcel has frontage of 63 feet and is 96 feet deep with a total lot size of 4,533 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $542,000.

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 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 $1 million on this tax lot.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 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 1.2 times the average sales volume among other neighborhoods with $433.3 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 829,391 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 22 commercial properties representing 7,260 square feet of the 78,566 square feet. The two identified owners are Louis Branchinelli and Joseph Marotta.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 78,566 square feet of built space are industrial buildings, with mixed-use buildings next occupying 47 percent of the space.

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