Chetrit family’s dev site buy tops weekly mid-market sales

AB & Sons paid $119 per buildable sf for 2870 Ocean Avenue in Sheepshead Bay

TRD New York /
Sep.September 09, 2020 07:30 AM
2870 Ocean Avenue and Isaac Chetrit, and 936 Home Street (Google Maps) 

2870 Ocean Avenue and Isaac Chetrit, and 936 Home Street (Google Maps)

There were three sales between $10 million to $30 million the week before Labor Day. A deal closed for a 69-key hotel in Flatbush, while a future residential development site in Sheepshead Bay went for $119 per buildable square foot. A seven-building affordable housing deal also closed near Crotona Park in the Bronx.

1. AB & Sons, a firm managed by the Chetrit family, paid $15.5 million for a Sheepshead Bay parcel at 2870 Ocean Avenue with 130,000 square feet of development rights. The firm, which is planning a mixed-use apartment building at the address, purchased the 22,714-square-foot property via ABS 2870 LLC from Seymour Israel’s HSPR Associates LLC.

2. Workforce Housing Group via WFHA Home Street LLC purchased 98,962 square feet of residential property across seven multifamily buildings in the Bronx for $14.5 million from Jaidyn Realty Housing Development Fund Corporation. The properties, which hold a total of 110 units, are located at 936 Home Street, 1166 Simpson Street, 1146 Bryant Avenue, 1160 and 1163 Hoe Avenue, 1159 Fox Street and 1208 Southern Boulevard.

3. Limited liability company SY Group I sold a 37,744-square-foot hotel with 69 rooms at 1024 Flatbush Avenue in Brooklyn for $11.2 million to Flatbush Hotel LLC. Jack Braha signed for the seller. Maheschand Ratanji signed for the buyer, as well as for a $13 million mortgage on the property from Sterling National Bank. The seven-story hotel is advertised to open in January 2022 as the Brooklyn Vybe under the Ascend brand.






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