Alma Realty pays $13.1M to Sentinel for 96-unit rental in Sheepshead Bay

Alma Realty through the entity 1775 East Realty LLC paid $13.1 million to Sentinel Real Estate through the entity 1775 East 18th Street LLC for the 96-unit residential elevator building (D1) at 1775 East 18th Street in Sheepshead Bay, Brooklyn.
The deal closed on November 29, 2023 and was recorded on December 5, 2023. The property has 109,312 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $119 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, 2018, for $27.7 million. The signatory for Sentinel Real Estate was Brian Ritter. The signatory for Alma Realty was Efstathios Valiotis. The contract date was August 11, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Alma Realty purchased 10 properties in 10 transactions for a total of $62.7 million and sold one property in one transaction for a total of $4.3 million over the past 24 months.
The seller Sentinel Real Estate had not purchased any other properties and sold six properties in six transactions for a total of $51.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes William Freyberg, head officer and Sebastian Acosta, agent. The business entities are Rose Property Mgmt Grp Llc and 1775 East 18th Street Llc.

The property

The residential elevator building with 96 residential units in Sheepshead Bay has 109,312 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 245 feet and is 100 feet deep with a total lot size of 24,500 square feet. The lot is irregular. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $8.3 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 $2,700 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

There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 176,137 square feet of built space are elevator buildings, with mixed-use buildings next occupying 2 percent of the space.

The seller

The PincusCo database currently indicates that Sentinel Real Estate owned at least 15 commercial properties with 901 residential units in New York City with 916,538 square feet and a city-determined market value of $75.1 million. (Market value is typically about 50% of actual value.) The portfolio has $31.7 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 96 percent of the 916,538 square feet of built space are elevator properties, with walkup properties next occupying 4 percent of the space. The bulk, or 79 percent of the built space, is in Brooklyn, with Manhattan next at 21 percent of the space.

The buyer

The PincusCo database currently indicates that Alma Realty owned at least 124 commercial properties with 5,353 residential units in New York City with 5,600,773 square feet and a city-determined market value of $555.1 million. (Market value is typically about 50% of actual value.) The portfolio has $481.5 million in debt, with top three lenders as New York Community Bank, Efstathios Valiotis, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 70 percent of the 5,600,773 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. The bulk, or 41 percent of the built space, is in Manhattan, with Queens next at 29 percent of the space.

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