Andrew Zafir pays $6.7M to Bronstein Properties for 43-unit walkup in Bay Ridge

Andrew Zafir through the entity 545 85 Properties LLC paid $6.7 million to Bronstein Properties through the entity Bay Ridge 85 LLC for the 43-unit residential walkup building (C1) at 545 85th Street in Bay Ridge, Brooklyn.
The deal closed on June 26, 2023 and was recorded on June 29, 2023. The property has 27,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $242 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 October 31, 2019, for $7.7 million. The signatory for Bronstein Properties was Barry Rudofsky. The signatory for Andrew Zafir was Andrew Zafir.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Andrew Zafir had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bronstein Properties had not purchased any other properties and sold two properties in two transactions for a total of $14.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Barry Rudofsky, head officer and Scott Silverman, officer. The business entities are Bronstein Properties, Llc and Bay Ridge 85, Llc. The 27,700-square-foot property generated revenue of $803,472 or $29 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 43 residential units in Bay Ridge has 27,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is R4-1 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.5 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 two DOB violations 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 three of the 14 commercial properties representing 82,600 square feet of the 149,045 square feet. The largest owner is Nicolas Haviaras, followed by Helen Chalbis and then Bronstein Properties.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 149,045 square feet of built space are walkup buildings, with mixed-use buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Bronstein Properties owned at least 97 commercial properties with 4,914 residential units in New York City with 4,482,928 square feet and a city-determined market value of $499.5 million. (Market value is typically about 50% of actual value.) The portfolio has $512.4 million in debt, with top three lenders as New York Community Bank, Signature Bank, and Capital One respectively. Within the portfolio, the bulk, or 65 percent of the 4,482,928 square feet of built space are elevator properties, with walkup properties next occupying 35 percent of the space. The bulk, or 46 percent of the built space, is in Queens, with Manhattan next at 28 percent of the space.

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