Yossel Lichtman pays $6.7M to Tehila Spigel for development in Flatbush
Yossel Lichtman through the entity 161 Lenox LLC paid $6.7 million to Tehila Spigel through the entity 161 LLC for development building (V0) at 161 Lenox Road in Flatbush, Brooklyn.
On the lot, there is one active new building construction project for a 62-unit, 47,213 square-foot R-2 building. The project was developed by Tehila Spigel with plans filed December 10, 2021 and it has not been permitted yet.
The deal closed on October 6, 2022 and was recorded on October 19, 2022. The property has zero square feet of built space and 28,896 square feet of additional air rights for a total buildable of 28,896 square feet according to PincusCo analysis of city data.
The seller bought the property on November 10, 2016, for $3.5 million. The signatory for Tehila Spigel was Jeffrey Edelman. The signatory for Yossel Lichtman was Sarah Lichtman.
Prior sales and revenue
Prior to this transaction, Pincusco has records that the buyer Yossel Lichtman purchased two properties in two transactions for a total of $10.2 million and sold two properties in two transactions for a total of $11.8 million over the past 24 months.
The seller Tehila Spigel had not purchased any other properties and had not sold any properties over the same time period.
The property
The 161 Lenox Road parcel has frontage of 42 feet and is 200 feet deep with a total lot size of 8,400 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.3 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 received $1,000 in ECB penalties and $1,425 in OATH penalties in the last year.
The neighborhood
In Flatbush, the majority, or 55 percent of the 37.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Flatbush has had very little sales volume relative to other neighborhoods with $290.4 million in sales volume in the last two years. For development, Flatbush has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 1 million 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 17 of the 30 commercial properties representing 650,793 square feet of the 876,903 square feet. The largest owner is Lilmor Management, followed by Pinnacle Group and then Joseph Popack.
On the tax block, there were two new building construction projects totaling 129,635 square feet. The largest is a 116-unit, 82,422-square-foot R-2 building developed by Ephraim Heimfield with plans filed July 16, 2019 and permitted June 10, 2020. The second largest is a 62-unit, 47,213-square-foot R-2 building developed by Tehila Spigel with plans filed December 10, 2021 and it has not been permitted yet.
The majority, or 74 percent of the 876,903 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.
The buyer
The PincusCo database currently indicates that Yossel Lichtman owned at least 26 commercial properties in New York City with 173,888 square feet and a city-determined market value of $26.2 million. (Market value is typically about 50% of actual value.) The portfolio has $36.9 million in debt, with top three lenders as Bank of Princeton, Customers Bank, and Cohab Realty respectively. Within the portfolio, the bulk, or 86 percent of the 173,888 square feet of built space are walkup properties, with elevator properties next occupying 14 percent of the space. The bulk, or 97 percent of the built space, is in Brooklyn, with Queens next at 3 percent of the space.
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