16-unit walkup in Crown Heights sells for $2.3M

A buyer through the entity 1236 Bh Holdings LLC paid $2.3 million to Jason Silverstein through the entity Silvershore Properties 105 LLC for the 16-unit residential walkup building (C1) at 1236 Union Street in Crown Heights, Brooklyn.
The deal closed on July 11, 2023 and was recorded on July 19, 2023. The property has 14,940 square feet of built space and 574 square feet of additional air rights for a total buildable of 15,520 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $153 and the price per buildable square foot is $148 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 January 12, 2016, for $3.7 million. The signatory for Jason Silverstein was Jason Silverstein. Jason Silverstein was a co-owner of Silvershore Properties.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jason Silverstein had not purchased any other properties and sold one property in one transaction for a total of $1.9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Laurent Cap, head officer. The business entity is Silvershore Properties 105 Llc. The 14,940-square-foot property generated revenue of $261,151 or $17 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Crown Heights has 14,940 square feet of built space and 574 square feet of additional air rights for a total buildable of 15,520 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 127 feet deep with a total lot size of 6,387 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 $1.2 million. The most recent loan totaled 0.0 and was provided by Tp Disre Union 2022 LLC on December 27, 2022.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $3 million commercial foreclosure concerning a loan filed on November 2, 2021, by BankUnited against Silvershore Properties. In addition, according to city public data, the property has received two DOB violations, 11 housing violations, and $1,960 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 18 commercial properties representing 140,848 square feet of the 172,977 square feet. The largest owner is Zalman Shanowitz, followed by Yehuda Zargarov and then Silvershore Properties.
On the tax block, there was one new building construction project filed totaling 21,014 square feet. It is a 16-unit, 21,014 square-foot residential (R-2) building submitted by Salomon Ezagui with plans filed May 26, 2016 and it has not been permitted yet.

The majority, or 91 percent of the 172,977 square feet of built space are walkup buildings, with mixed-use buildings next occupying 6 percent of the space.

Update: The story has been altered by the removal of the name of the buyer, for privacy reasons.

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