Abraham Pultman pays $6.7M for 46-unit walkup in Sheepshead Bay

Abraham Pultman through the entity 2075 East 16th Street Realty Group LLC paid $6.7 million to East Coast Holdings through the entity 2075 E. 16th Realty LLC for the 46-unit walkup building (C1) at 2075 East 16th Street in Sheepshead Bay, Brooklyn.
The deal closed on June 26, 2024 and was recorded on July 5, 2024. The property has 35,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $188 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 August 28, 2014, for $6 million. The signatory for East Coast Holdings was Mark Mehlman, who also uses the name Moshe Mehlman. The signatory for Abraham Pultman was Abraham Pultman. The contract date was April 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Abraham Pultman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller East Coast Holdings had not purchased any other properties and sold five properties in three transactions for a total of $11.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Moshe Mehlman, head officer and Ben Schwadel, agent. The business entity is 2075 East 16th Realty Llc.

The property

The residential walkup building with 46 residential units in Sheepshead Bay has 35,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 140 feet and is 100 feet deep with a total lot size of 14,000 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.5 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 44 housing violations and $75 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 12 commercial properties representing 141,148 square feet of the 176,430 square feet. The largest owner is Parlanti Group, followed by Joseph Zelik and then East Coast Holdings.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 176,430 square feet of built space are elevator buildings, with mixed-use buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that East Coast Holdings owned at least 15 commercial properties with 384 residential units in New York City with 326,973 square feet and a city-determined market value of $33.5 million. (Market value is typically about 50% of actual value.) The portfolio has $28.6 million in debt, with top three lenders as Peapack-Gladstone Bank, BNB Bank, and PIMCO respectively. Within the portfolio, the bulk, or 50 percent of the 326,973 square feet of built space are walkup properties, with elevator properties next occupying 46 percent of the space. The bulk, or 38 percent of the built space, is in Brooklyn, with Bronx next at 32 percent of the space.

The buyer

The PincusCo database currently indicates that Abraham Pultman owned at least two commercial properties with 43 residential units in New York City with 39,340 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 63 percent of the built space, is in Bronx, with Manhattan next at 37 percent of the space.

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