Ace Maintenance USA pays $3.3M for three walkups in East Flatbush

The Shilian family’s Ace Maintenance USA through the entity Ace Clarendon LLC paid $3.3 million to Avraham Rodin through the entity 2908-2914 Clarendon LLC for the six-unit residential walkup building (C2) at 2914 Clarendon Road in East Flatbush, Brooklyn, six-unit residential walkup building (C2) at 2908 Clarendon Road in East Flatbush, Brooklyn, and six-unit residential walkup building (C2) at 2910 Clarendon Road in East Flatbush, Brooklyn.
The deal closed on March 1, 2024 and was recorded on March 18, 2024. The three properties have 15,436 square feet of built space and 2,748 square feet of additional air rights for a total buildable of 18,217 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $213 and the price per buildable square foot is $181 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 Avraham Rodin was Avraham Rodin. The contract date was January 16, 2024. The Shilian family including David Shilian and Abraham Shilian, is affiliated with Ace Maintenance USA.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2914 Clarendon Road.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ace Maintenance USA had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Avraham Rodin had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Fatos Prelvukaj, head officer. The business entity is 2908-2914 Clarendon Llc.

The property

The residential walkup building with 6 residential units in East Flatbush has 15,436 square feet of built space and 2,748 square feet of additional air rights for a total buildable of 18,217 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 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 $535,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received six DOB violations, 14 housing violations, and $4,230 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 the tax block of 2914 Clarendon Road, PincusCo has identified the owners of six of the 37 commercial properties representing 26,918 square feet of the 149,828 square feet. The largest owner is Yoel Shafer, followed by Winston Wang and then S.W. Management.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 149,828 square feet of built space are mixed-use buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Avraham Rodin owned at least one commercial property with nine residential units in New York City with 7,500 square feet and a city-determined market value of $808,000. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from New York Community Bank. The portfolio consists of at least a single walkup property. It is located in Queens.

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