All Year sells Crown Heights rentals for $22.1M to affordable housing venture

The entity Prospect Affordable Package LLC through the entity Hp Mjm Housing Development Fund Company, Inc., paid $22.1 million to All Year Management through the entity 1020 Pacific LLC (and others) for the 15-unit rental (C1) at 649-651 Classon Avenue in Crown Heights, Brooklyn, eight-unit rental (C1) at 643 Franklin Avenue in Crown Heights, Brooklyn, and eight-unit rental (C1) at 515 St Marks Avenue in Crown Heights, Brooklyn.
The deal closed on June 24, 2021 and was recorded on July 27, 2021.
The 14 properties have 84,410 square feet of built space and 24,247 square feet of additional air rights for a total buildable of 108,610 square feet according to PincusCo analysis of city data. The sale price per built square foot is $261 and the price per buildable square foot is $203 per the PincusCo analysis.
The signatory for All Year Management was Asaf Ravid, Ephraim Diamond, and Zoltan Berkowitz. The signatory for Prospect Affordable Package LLC was Sheila Martin and David Keusch.

The buyer is an entity in care of the Keusch law firm, with the signatory David Keusch, in partnership with the housing nonprofit NYC Housing Partnership. These buildings were formerly owned by Yoel Goldman’s All Year Management. Meadow Partners bought the debt on the buildings in May 2021 from Customers Bank.
The former owners according to the Department of Housing Preservation and Development included Yoel Goldman, head officer and Nathan Schwarcz, agent. The business entity was 663 Classon LLC (and others).
Within a 400-foot radius of 663 Classon Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on August 27, 2020 for a 29,310-square-foot R-2 building with 42 residential units residential units at 643 Classon Avenue.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on October 18, 2019 for the $1.7 million renovation of 26,606-square-foot B building with N/A residential units at 964 Dean St.
Of those four items, two were loans above $5 million totaling $36.2 million. The most recent of the two was Alma Realty which borrowed $30.0 million from Deutsche Bank Ag New York Branch secured by the 141,019-square-foot, 136-unit rental (D9) on 880 Bergen Street on November 12, 2020.

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