Anshel Niederman pays $3.5M to Oak Tree for 20-unit walkup in Bed-Stuy, was $7.5M in 2017

Anshel Niederman through the entity 267 Clifton Ave LLC paid $3.5 million to Oak Tree Residential through the entity OTA 267 Clifton, LLC for the 20-unit residential walkup building (C1) at 267 Clifton Place in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on November 22, 2024 and was recorded on December 9, 2024. The property has 17,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $198 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 May 18, 2017, for $7.5 million. The signatory for Oak Tree Residential was Jeremiah Lucey. The signatory for Anshel Niederman was Anshel Niederman. The contract date was September 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Anshel Niederman purchased one property in one transaction for a total of $2.5 million and has no record it sold any properties over the past 24 months.
The seller Oak Tree Residential had not purchased any other properties and sold two properties in two transactions for a total of $5.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Richard Rosan, head officer and Jeremiah Lucey, officer. The business entities are Oak Tree Management, Ltd and Ota 267 Clifton Llc. The 17,600-square-foot property generated revenue of $464,288 or $26 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 20 residential units in Bedford Stuyvesant has 17,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 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 $2.4 million. The most recent loan totaled $6.8 million and was provided by Metropolitan Commercial Bank on February 15, 2023. The property has 9 rent regulated units according to city tax records from 2023.

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 three housing violations and $750 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 14 of the 25 commercial properties representing 136,301 square feet of the 180,527 square feet. The largest owner is Oak Tree Residential, followed by Edgardo Kramer and then Guy Shor.
On the tax block, there was one new building construction project filed totaling 6,573 square feet. It is a eight-unit, 6,573 square-foot residential (R-2) building submitted by Tomer Erlich with plans filed July 19, 2016 and it has not been permitted yet.

The majority, or 72 percent of the 180,527 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Oak Tree Residential owned at least 21 commercial properties with 291 residential units in New York City with 244,783 square feet and a city-determined market value of $37.4 million. (Market value is typically about 50% of actual value.) The portfolio has $39.3 million in debt, borrowed from Metropolitan Commercial Bank. Within the portfolio, the bulk, or 79 percent of the 244,783 square feet of built space are walkup properties, with elevator properties next occupying 16 percent of the space. The bulk, or 84 percent of the built space, is in Brooklyn, with Manhattan next at 16 percent of the space.

The buyer

The PincusCo database currently indicates that Anshel Niederman owned at least one commercial property with 16 residential units in New York City with 13,884 square feet and a city-determined market value of $875,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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