Aaron Weiss, Simon Schwartz pay $2.5M to Goodman Capital for formerly foreclosed 33-unit walkup in Flatbush

Aaron Weiss and Simon Schwartz through the entity Shloishu Elunois LLC paid $2.5 million to Goodman Capital through the entity Citi Servicing LLC for the 33-unit residential walkup building (C1) at 2306 Albemarle Road in Flatbush, Brooklyn.
The deal closed on January 23, 2024 and was recorded on February 5, 2024. The property has 25,900 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $98 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 signatory for Goodman Capital was Eric Goodman. The signatory for Aaron Weiss and Simon Schwartz was Aaron Weiss. The contract date was October 19, 2023. In 2017, Goodman Capital acquired the debt, which had a maximum principal of $3.85 million, and took title through a foreclosure process in April 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aaron Weiss had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Goodman Capital purchased one properties in one transactions for a total of $2.1 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Olga Thomas, head officer and Scott Nunnally, officer. The business entity is Gts Real Properties.

The property

The residential walkup building with 33 residential units in Flatbush has 25,900 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 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 $1.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received nine DOB violations and 36 housing violations 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 five of the 12 commercial properties representing 50,158 square feet of the 98,402 square feet. The largest owner is Yossi Stern, followed by Moise Lajtai and then Duke Properties.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 98,402 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Goodman Capital owned at least two commercial properties with 22 residential units in New York City with 14,961 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) The portfolio has $20 million in debt, borrowed from Goodman Capital. Within the portfolio, the bulk, or 82 percent of the 14,961 square feet of built space are elevator properties, with mixed-use properties next occupying 18 percent of the space. The bulk, or 82 percent of the built space, is in Manhattan, with Brooklyn next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Aaron Weiss owned at least one commercial property with eight residential units in New York City with 8,000 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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