Shalom Malul Acquires Brownsville Apartment Building for $3.1 Million

Shalom Malul purchases a 11,250 square foot apartment building in Brownsville, Brooklyn for $3.1 million from Henry GrunBaum.

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Shalom Malul Acquires Brownsville Apartment Building for $3.1 Million

Shalom Malul has acquired a 10-unit apartment building in Brownsville, Brooklyn for 3.1 million from Henry GrunBaum. The property, located at 1719 Pitkin Avenue, has a total of 11,250 square feet and is zoned C4-3. The building has a tax class of 2 and a FAR of 4.50. The lot size is 2,500 square feet and the building has a price per square foot of 276. The property was last sold for $1,337,500 in January 2014.

The building was sold with permits for an alteration that was completed in November 2018. The alteration likely increased the value of the property and made it more attractive to potential buyers. The property is located in Brownsville, a neighborhood in eastern Brooklyn that has historically been known for its high crime rates and poverty. However, the neighborhood has been undergoing a revitalization in recent years, with new development projects and an influx of young professionals and families.

Shalom Malul is a real estate investor and developer based in Brooklyn. He has been active in the New York City real estate market for over a decade and has a portfolio of properties throughout the city. Henry GrunBaum is a private investor who has owned the property since 2014. The brokers for the deal were not disclosed.

Overall, the sale of this property reflects the continued demand for multifamily properties in Brooklyn, despite the challenges posed by the COVID-19 pandemic. The revitalization of neighborhoods like Brownsville is also contributing to the growth of the multifamily market in the borough. As the city continues to recover from the pandemic, it is likely that we will see more deals like this one in the coming months.