ABJ Properties pays $15.6M to Related for 4 adjacent walkups in Prospect Heights

Benjamin Soleimani’s ABJ Properties pays $15.6M to Related Companies for four walkup properties in Prospect Heights, Brooklyn, in four transactions.

In the first, ABJ Properties through the entity 315 Lincoln, LLC paid $6 million to Related Companies through the entity Nysandy15 Lincoln Place LLC for the 18-unit residential walkup building (C1) at 315 Lincoln Place in Prospect Heights, Brooklyn. The expected use is cash flowing.
The deal closed on November 6, 2024 and was recorded on November 20, 2024. The property has 17,314 square feet of built space and 2,700 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $345 and the price per buildable square foot is $299 per the PincusCo analysis.

In the second, ABJ Properties through the entity 329 Lincoln, LLC paid $3.6 million to Related Companies through the entity Nysandy15 Lincoln Place LLC for the 10-unit residential walkup building (C1) at 329 Lincoln Place in Prospect Heights, Brooklyn. The expected use is cash flowing.
The deal closed on November 6, 2024 and was recorded on November 20, 2024. The property has 11,743 square feet of built space and 2,664 square feet of additional air rights for a total buildable of 14,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $304 and the price per buildable square foot is $247 per the PincusCo analysis.

In the third, ABJ Properties through the entity 319 Lincoln, LLC paid $3.5 million to Related Companies through the entity Nysandy15 Lincoln Place LLC for the 10-unit residential walkup building (C1) at 319 Lincoln Place in Prospect Heights, Brooklyn. The expected use is cash flowing.
The deal closed on November 6, 2024 and was recorded on November 20, 2024. The property has 11,743 square feet of built space and 2,664 square feet of additional air rights for a total buildable of 14,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $301 and the price per buildable square foot is $246 per the PincusCo analysis.

In the fourth, ABJ Properties through the entity 323 Lincoln, LLC paid $2.5 million to Related Companies through the entity Nysandy15 Lincoln Place LLC for the 10-unit residential walkup building (C1) at 323 Lincoln Place in Prospect Heights, Brooklyn. The expected use is cash flowing.
The deal closed on November 6, 2024 and was recorded on November 20, 2024. The property has 11,743 square feet of built space and 2,664 square feet of additional air rights for a total buildable of 14,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $217 and the price per buildable square foot is $177 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 December 14, 2016, for $30 million. The signatory for Related Companies was Matthew Becker. The signatory for ABJ Properties was Benjamin Soleimani. The contract date was June 29, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ABJ Properties purchased 12 properties in 11 transactions for a total of $34.3 million and sold one property in one transaction for a total of $5.8 million over the past 24 months.
The seller Related Companies purchased six properties in four transactions for a total of $649.3 million and sold 17 properties in 16 transactions for a total of $880.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Natasha Davis, site manager. The business entity is Nysandy 15 Lincoln Place Llc.

The property

The residential walkup building with 18 residential units in Prospect Heights has 17,314 square feet of built space and 2,700 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.1 million. The most recent loan totaled 0.0 and was provided by Related Companies on December 15, 2023. The property has 5 rent regulated units according to city tax records from 2022.

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 five housing violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 5, 2016. 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 16 of the 27 commercial properties representing 447,818 square feet of the 565,413 square feet. The largest owner is Stanley Gallant, followed by Related Companies and then Hudson Companies.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 565,413 square feet of built space are walkup buildings, with elevator buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Related Companies owned at least 176 commercial properties with 9,569 residential units in New York City with 21,728,110 square feet and a city-determined market value of $6.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.2 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Bank of America respectively. Within the portfolio, the bulk, or 43 percent of the 21,728,110 square feet of built space are elevator properties, with office properties next occupying 32 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Bronx next at 23 percent of the space.

The buyer

The PincusCo database currently indicates that Abj Properties owned at least 90 commercial properties with 1,023 residential units in New York City with 967,215 square feet and a city-determined market value of $145.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 967,215 square feet of built space are walkup properties, with elevator properties next occupying 9 percent of the space. The bulk, or 46 percent of the built space, is in Bronx, with Manhattan next at 35 percent of the space.

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