Yoel Landau pays $2.5M to Goodman Capital for rental in Bedford-Stuyvesant

Yoel Landau through the entity 684 Flushing Ave Palace LLC paid $2.5 million to Goodman Capital’s 684 Flushing Avenue LLC for the 16-unit rental (C4) at 684 Flushing Avenue in Bedford-Stuyvesant, Brooklyn.
The deal closed on June 29, 2021 and was recorded on July 14, 2021.
The property has 7,208 square feet of built space and 300 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $346 and the price per buildable square foot is $333 per the PincusCo analysis.
The seller bought the property on June 14, 2016, for $2.9 million.
The contract date was February 25, 2021.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1.1 million. Those filings sought to increase the number of residential units by 3 to 9. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $169,000. One of the projects were to change the building from a RES to a R-2and change the number of residential units from 6 to 9.
The former owner according to the Department of Housing Preservation and Development was Eric Goodman, head officer. The business entity was 684 Flushing Avenue Llc.
Within a 400-foot radius of 684 Flushing Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on December 15, 2020 for the $2.8 million renovation of 29,141-square-foot B building with N/A residential units at 670 Flushing Avenue.
Of those three items, two were loans above $5 million totaling $23.8 million. The most recent of the two was Joel Zupnick which borrowed $12.7 million from Sterling National Bank secured by the 30,863-square-foot, one-unit office building (O2) on 670 Flushing Avenue on April 7, 2021.

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