Yocheved Perlstein pays $2.9M for residential walkup in Bushwick

Yocheved Perlstein through the entity Bushwick Palace LLC paid $2.9 million to Joshua Soufeh through the entity 1473 Bushwick Ave LLC for six-unit residential walkup building (C2) at 1473 Bushwick Avenue in Bushwick, Brooklyn.
The deal closed on August 19, 2022 and was recorded on September 7, 2022. The property has 4,725 square feet of built space and 742 square feet of additional air rights for a total buildable of 5,467 square feet according to PincusCo analysis of city data. The sale price per built square foot is $606 and the price per buildable square foot is $524 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 8, 2018, for $1.4 million. The signatory for Joshua Soufeh was Michael Arounian. The signatory for Yocheved Perlstein was Yocheved Perlstein.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Yocheved Perlstein purchased two properties in one transactions for a total of $10.5 million and has no record it sold any properties over the past 24 months.
The seller Joshua Soufeh had not purchased any other properties and sold one properties in one transactions for a total of $970,772 over the same time period. The former owner according to the Department of Housing Preservation and Development is Joshua Soufeh, head officer. The business entity is 1473 Bushwick Ave Llc. The 4,725-square-foot property generated revenue of $89,114 or $19 per square foot, according to the most recent income and expense figures.

The property

The 1473 Bushwick Avenue parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,250 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $829,000.

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 block

On this tax block, PincusCo has identified the owners of six of the 11 commercial properties representing 33,400 square feet of the 65,175 square feet. The largest owner is Moshe Silberstein, followed by Brooklyn North Capital and then LIRR.
There are two active new building construction projects totaling 58,722 square feet. The largest is a 60-unit, 40,630-square-foot R-2 building developed by David Levine with plans filed May 8, 2020 and it has not been permitted yet.The second largest is a 20-unit, 18,092-square-foot R-2 building developed by David Levine with plans filed December 29, 2014 and permitted June 15, 2015.

The majority, or 40 percent of the 65,175 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

The seller

The PincusCo database currently indicates that Joshua Soufeh owned at least two commercial properties in New York City with 13,469 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Yocheved Perlstein owned at least two commercial properties in New York City with 30,669 square feet and a city-determined market value of $6.7 million. (Market value is typically about 50% of actual value.) The portfolio has $7.9 million in debt, borrowed from Investors Bank. Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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