Arthur Gabriel pays $8.27M to Oak Tree for 3 walkups in Prospect Heights, Crown Heights

Investor Arthur Gabriel paid $8.275 million to Oak Tree Residential for three walkup buildings in the Brooklyn neighborhoods of Prospect Heights and Crown Heights, in three transactions.

In the first, Arthur Gabriel through the entity 306 Prospect Pl Realty LLC paid $3.2 million to Oak Tree Residential through the entity Ota 306 Prospect, LLC for the eight-unit residential walkup building (C1) at 306 Prospect Place in Prospect Heights, Brooklyn. The expected use is cash flowing.
The deal closed on December 27, 2024 and was recorded on January 8, 2025. The property has 8,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $396 per the PincusCo analysis.

In the second, Arthur Gabriel through the entity 585 Park Pl Realty LLC paid $3.2 million to Oak Tree Residential through the entity Ota 585 Park Place, LLC for the six-unit residential walkup building (C2) at 585 Park Place in Crown Heights, Brooklyn. The expected use is cash flowing.
The deal closed on December 27, 2024 and was recorded on January 8, 2025. The property has 6,630 square feet of built space and 1,218 square feet of additional air rights for a total buildable of 7,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $478 and the price per buildable square foot is $403 per the PincusCo analysis.

In the third, Arthur Gabriel through the entity 874 Bergen St Realty LLC paid $1.9 million to Oak Tree Residential through the entity Ota 874 Bergen, LLC for the eight-unit residential walkup building (C1) at 874 Bergen Street in Crown Heights, Brooklyn. The expected use is cash flowing.
The deal closed on December 27, 2024 and was recorded on January 8, 2025. The property has 4,400 square feet of built space and 5,208 square feet of additional air rights for a total buildable of 9,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $420 and the price per buildable square foot is $192 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 Oak Tree Residential was Jeremiah Lucey. The signatory for Arthur Gabriel was Arthur Gabriel. The contract date was November 20, 2024. Arthur Gabriel is an attorney in

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Arthur Gabriel purchased three properties in two transactions for a total of $6.2 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 three properties in three transactions for a total of $8.9 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 306 Prospect Llc. The 8,200-square-foot property generated revenue of $182,614 or $22 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 8 residential units in Prospect Heights has 8,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 131 feet deep with a total lot size of 3,275 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Prospect Heights Historic District. The city-designated market value for the property in 2022 is $3.1 million. The most recent loan totaled $9 million and was provided by Metropolitan Commercial Bank on February 15, 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 not received any significant 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 two of the 13 commercial properties representing 11,293 square feet of the 57,826 square feet. The two identified owners are Oak Tree Residential and Richard Muzio.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 57,826 square feet of built space are walkup buildings, with mixed-use buildings next occupying 49 percent of the space.

The seller

The PincusCo database currently indicates that Oak Tree Residential owned at least 20 commercial properties with 271 residential units in New York City with 227,183 square feet and a city-determined market value of $35 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 78 percent of the 227,183 square feet of built space are walkup properties, with elevator properties next occupying 17 percent of the space. The bulk, or 83 percent of the built space, is in Brooklyn, with Manhattan next at 17 percent of the space.

The buyer

The PincusCo database currently indicates that Arthur Gabriel owned at least eight commercial properties with 46 residential units in New York City with 45,440 square feet and a city-determined market value of $9.9 million. (Market value is typically about 50% of actual value.) The portfolio has $5.9 million in debt, borrowed from Customers Bank. Within the portfolio, the bulk, or 77 percent of the 45,440 square feet of built space are walkup properties, with retail properties next occupying 23 percent of the space. They are all located in Brooklyn.

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