Anonymous buyer pays $3.5M for two walkups in Bedford Stuyvesant
An anonymous buyer through registered at the law office of D. Paul Martin, through the entity Patchen Properties Associates LLC, paid $3.5 million to the entity Bapaz Patchen LLC for the five-unit residential walkup building (C2) at 18 Patchen Avenue and the five-unit residential walkup building (C2) at 20 Patchen Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on February 8, 2024 and was recorded on February 12, 2024. The two properties have 7,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $486 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 signatory for the seller Shahab Berokim was Steven Goltche. The contract date was May 25, 2022. Shahab Berokim is managing member of the seller entity, according to a 2016 loan.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer law office of D. Paul Martin registered had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shahab Berokim had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Shahab Berokhim, head officer and Avi Sagy, site manager. The business entities are Meyerson Management and Bapaz Patchen Llc. The two properties with a total of 7,200 square feet of built space generated revenue of $292,562 per year or $41 per square foot. The sale price per square foot was $486.
The property
The residential walkup building with 5 residential units in Bedford Stuyvesant has 7,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,799 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $642,877.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $2,200 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 the tax block of 18 Patchen Avenue, PincusCo has identified the owners of seven of the 18 commercial properties representing 95,761 square feet of the 152,622 square feet. The largest owner is Yosef Emergi, followed by Tom Michaeli and then Sam Aron.
On the tax block, there was one new building construction project filed totaling 4,997 square feet. It is a seven-unit, 4,997 square-foot residential (R-2) building submitted by David Shauolian with plans filed July 9, 2015 and permitted March 7, 2018.
The majority, or 45 percent of the 152,622 square feet of built space are walkup buildings, with elevator buildings next occupying 32 percent of the space.
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