BIG Management pays $2.3M for mixed-use in Bed Stuy

BIG Management through the entity Jnl 1147 Bedford Ave, LLC paid $2.3 million to Isaac Azaria through the entity Ade Azaria, LLC for the two-unit mixed-use, corner building at 1147 Bedford Avenue in Bed Stuy, Brooklyn.
The deal closed on March 24, 2022 and was recorded on April 15, 2022.

The property has 4,480 square feet of built space and 1,520 square feet of additional air rights for a total buildable of 6,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $513 and the price per buildable square foot is $383 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 December 13, 2012, for $975,000. The signatory for Isaac Azaria was Isaac Azaria. The signatory for BIG Management was Nicholas T. Larosa. Nicholas T. Larosa is the CFO and property manager of BIG Management.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer BIG Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Isaac Azaria had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1147 Bedford Avenue parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $371,800.

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 one DOB violation, $2,400 in ECB penalties, and $4,200 in OATH penalties in the last year.

The neighborhood

In Bed Stuy, the bulk, or 38 percent of the 92.5 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Bed Stuy has 1.5 times the average sales volume among other neighborhoods with $417.3 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Bed Stuy is the 8th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 15 commercial properties representing 21,268 square feet of the 50,007 square feet. The two identified owners are Risley Dent Towers and Kevin Abihssira. There are two active new building construction projects totaling 9,881 square feet. The largest is a six-unit, 4,982-square-foot R-2 building developed by Ari Sasson with plans filed January 3, 2018 and permitted June 17, 2021. The second largest is a five-unit, 4,899-square-foot R-2 building developed by Segev Nahcum with plans filed October 24, 2017 and it has not been permitted yet.

The majority, or 80 percent of the 245,373 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 11 percent of the space.

Surrounding

Within a 400-foot radius of 1147 Bedford Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, five were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $1 million, two permits with a total initial cost of $1 million and one initial temporary certificate of occupancy issuance for a project that initially costed $665,368. The most recent of these five items was the filing on June 19, 2021 for a 4,098-square-foot R-3 building with four residential units at 149 Madison Street.
One of those six items was a loan which Dovie Sperlin borrowed $5 million from New York Community Bank secured by the 17,600-square-foot, 23-unit rental (C1) on 210 Putnam Avenue and one other property on February 20, 2020.

Direct link to Acris document. link