Albert Srour pays $10.5M to Mark Mehlman’s East Coast Holdings for three adjacent buildings in Sunset Park

Albert Srour pays $10.5M to Mark Mehlman’s East Coast Holdings for three adjacent buildings in Sunset Park. The purchased were done in three separate transactions.

In the first, Srour through the entity 545-553-557 46th Street LLC paid East Coast Holdings’s 557 46th Street LLC $3.5 million for 557 46th Street in Sunset Park. The deal closed on January 9, 2020, and was recorded on January 22, 2020. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 17 residential units. The property is 16,192 square feet. The parcel(s) have total development potential of 16,192 square feet.
The sale price per unit is $205,882.

Srour recently sold property for $21 million and purchased a building in Ocean Parkway for $18 million.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $187,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Srour through the entity 545-553-557 46th Street LLC paid East Coast Holdings’s 553 46th Street LLC $3.5 million for 553 46th Street in Sunset Park. The deal closed on January 9, 2020, and was recorded on January 22, 2020. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 17 residential units. The property is 12,416 square feet. The parcel(s) have total development potential of 12,416 square feet.
The sale price per unit is $205,882.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $187,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third transaction, Albert Srour through the entity 545-553-557 46th Street LLC paid Mark Mehlman’s East Coast Holdings’s 545 46th Street LLC $3.5 million for 545 46th Street in Sunset Park. The deal closed on January 9, 2020, and was recorded on January 22, 2020. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 17 residential units. The property is 12,416 square feet. The parcel(s) have total development potential of 12,416 square feet.

The sale price per unit is $205,882.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $346,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link