Yuriy Rubinov pays $4M to Shmuel Lang for residential walkup in Brownsville

Yuriy Rubinov through the entity 2348 Bracha LLC paid $4 million to Shmuel Lang through the entity 2346 Atlantic Realty LLC for midblock 16-unit residential walkup building at 2346 Atlantic Avenue in Brownsville, Brooklyn.
The deal closed on February 17, 2022 and was recorded on March 23, 2022. The property has 11,286 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $354 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 September 29, 2004, for $750,000. The signatory for Shmuel Lang was Shmuel Lang. The signatory for Yuriy Rubinov was Yuriy Rubinov.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Yuriy Rubinov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shmuel Lang had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jacob Lang, head officer and Shmuel Lang, officer. The business entity is 2346 Atlantic Realty Llc.

The property

The 2346 Atlantic Avenue parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 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 $736,000.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received 12 housing violations and $50 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 $5 million on this tax lot.

The neighborhood

In Brownsville, the bulk, or 35 percent of the 40.2 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 23 percent of the space. In sales, Brownsville has had very little sales volume relative to other neighborhoods with $62.9 million in sales volume in the last two years. For development, Brownsville has 1.4 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Brooklyn. It had 1.3 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. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 13 commercial properties representing 38,074 square feet of the 287,999 square feet. The largest owner is Witnick Real Estate Partners, followed by Loreto Ii LLC and then Bobby Francis. There are two active new building construction projects totaling 171,315 square feet. The largest is a 136-unit, 113,727-square-foot R-2 building developed by Emmie Ryan with plans filed March 28, 2019 and permitted February 7, 2020. The second largest is a 67-unit, 57,588-square-foot R-2 building developed by Emily Kurtz with plans filed October 14, 2016 and permitted March 29, 2019.

The majority, or 56 percent of the 301,848 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 39 percent of the space.

Surrounding

Within a 400-foot radius of 2346 Atlantic Avenue, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, three were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $1.2 million and one permit with a total initial cost of $673,800. The most recent of these three items was the permit on August 19, 2021 for a 7,205-square-foot R-2 building with 10 residential units at 2361 Atlantic Avenue.
One of those four items was a loan which Loreto Ii LLC borrowed $69.3 million from NYS Housing Finance Agency secured by the 16,191-square-foot, 16-unit rental (C1) on 2372 Atlantic Avenue and two other properties on January 13, 2020.

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