Aboody, Shemel, Mashal pay $6.2M to Partners Path for Williamsburg walkup

Raymond Aboody, Sabah Shemel, and Danny Mashal through the entity Essex Properties II LLC (and others) paid $6.2 million to Partners Path through the entity 238 North Fifth Owner LLC for the eight-unit residential walkup building (C1) at 238-240 North Fifth Street in Williamsburg, Brooklyn.
The deal closed on March 28, 2024 and was recorded on April 1, 2024. The property has 6,232 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $986 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 March 12, 2018, for $4.7 million. The signatory for Partners Path was Alexander Lebowitz. The signatory for the buyers was Richard Pilsen. The contract date was February 7, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Raymond Aboody had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Partners Path purchased nine properties in nine transactions for a total of $26.9 million and sold one property in one transaction for a total of $3.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Alex Lebowitz, head officer and Xavier Maintenance, site manager. The business entity is 238 North Fifth Owner Llc.

The property

The residential walkup building with 8 residential units in Williamsburg has 6,232 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 41 feet and is 59 feet deep with a total lot size of 2,419 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 $2 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 $160 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 four of the 14 commercial properties representing 23,290 square feet of the 70,953 square feet. The largest owner is Ralph Astore As Trustee, followed by Partners Path and then Graph Group.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 70,953 square feet of built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Partners Path owned at least 12 commercial properties with 71 residential units in New York City with 62,522 square feet and a city-determined market value of $14.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 67 percent of the 62,522 square feet of built space are walkup properties, with mixed-use properties next occupying 33 percent of the space. The bulk, or 67 percent of the built space, is in Brooklyn, with Queens next at 33 percent of the space.

The buyer

The PincusCo database currently indicates that Sabah Shemel owned at least three commercial properties with 40 residential units in New York City with 35,408 square feet and a city-determined market value of $13.1 million. (Market value is typically about 50% of actual value.) The portfolio has $18 million in debt, with top three lenders as BNB Bank, Popular Bank, and Dime Community Bank respectively. Within the portfolio, the bulk, or 53 percent of the 35,408 square feet of built space are elevator properties, with retail properties next occupying 26 percent of the space. They are all located in Manhattan.

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