Celebrity Investor Gears Up at 470 Washington Avenue

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The listings have been pulled at his most recent project 433 Warren Street, but that’s not slowing down Real estate investor and author Boaz Gilad from jumping into another project, this one at 470 Washington Avenue. The removal of plywood from the top-floor windows tipped us off earlier this week that something might be up with the four-story brownstone. Formerly owned (and “x’d”) by HPD, the building was sold by the city to an individual in March 2005 for $750,000. This guy then transferred it to an LLC in February 2006. Boaz closed on the building for $1,010,000 in September of this year, pulling down a mortgage of $1,080,000 at the same time. (Bet that’s how he tells you to do it in his book!) The DOB paperwork is a little confusing on this one, but it looks like Boaz has reactivated some existing permits to convert the former SRO to a five-unit condo. It looks to us like there’s some extra FAR to play with if he can get it past Landmarks. GMAP P*Shark

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