Alma Realty pays $5.1M to Sentinel for 59-unit rental in Flatbush

Alma Realty through the entity Getty Industries LLC paid $5.1 million to Sentinel Real Estate through the entity 140 Clarkson LLC for the 59-unit residential elevator building (D1) at 140 Clarkson Avenue in Flatbush, Brooklyn.
The deal closed on August 30, 2023 and was recorded on September 11, 2023. The property has 69,491 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $73 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 June 13, 2018, for $14.4 million. The signatory for Sentinel Real Estate was Brian Ritter. The signatory for Alma Realty was Efstathios G. Valiotis. The contract date was August 11, 2023. The managing entity of the seller entity was Amanita Spissa REIT II LLC.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Alma Realty purchased seven properties in seven transactions for a total of $39.5 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 three properties in three transactions for a total of $28.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes William Freydberg, head officer and Sebastian Acosta, agent. The business entities are Rose Property Mgmt Grp Llc and 140 Clarkson Llc.

The property

The residential elevator building with 59 residential units in Flatbush has 69,491 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 20,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.7 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 19 housing violations and $650 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 22 of the 26 commercial properties representing 952,430 square feet of the 981,485 square feet. The largest owner is Yossel Lichtman, followed by Shmuel Wallerstein and then Cedarbridge Realty Group.
On the tax block, there was one new building construction project filed totaling 47,213 square feet. It is a 62-unit, 47,213 square-foot residential (R-2) building submitted by Tehila Spigel with plans filed December 10, 2021 and permitted May 17, 2022.

The majority, or 78 percent of the 981,485 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Sentinel Real Estate owned at least 16 commercial properties with 960 residential units in New York City with 986,029 square feet and a city-determined market value of $78.8 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 986,029 square feet of built space are elevator properties, with walkup properties next occupying 4 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Manhattan next at 19 percent of the space.

The buyer

The PincusCo database currently indicates that Alma Realty owned at least 122 commercial properties with 6,054 residential units in New York City with 5,471,477 square feet and a city-determined market value of $546.9 million. (Market value is typically about 50% of actual value.) The portfolio has $472.2 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 5,471,477 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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