Bankwell Bank sells 16-unit rental in Williamsburg for $8.5M, following foreclosure

The entity 80 Ainslie Street LLC in care of the Law Office of Jeffrey Edelman paid $8.5 million through a real estate owned transaction to Bankwell Bank through the entity Bankwell Properties, Inc. for the 16-unit residential elevator building (D7) at 80 to 82 Ainslie Street in Williamsburg, Brooklyn. The expected use is cash flowing.
On the lot, there is one major alteration construction project, 321148619, for a 16-unit, 15,561 square-foot R-2 building. The project was submitted by Klein Juda with plans filed June 22, 2015 and permitted December 29, 2015.
The sale closed on January 24, 2025 and was recorded on February 5, 2025. The property has 18,905 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $449 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 took title to the property on November 18, 2024, following a foreclosure. The signatory for Bankwell Bank was Konstantin Grinberg. The signatory for Law Office of Jeffrey Edelman registered was Jeffrey Edelman. The contract date was January 16, 2025.

The property

The residential elevator building with 16 residential units in Williamsburg has 18,905 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 59 feet and is 100 feet deep with a total lot size of 5,908 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3 million.

Violations and lawsuits

The property was involved in one lawsuit and one bankruptcy over the past several years. The bankruptcy was filed on August 7, 2023, by Juda Klein, Mendel Klein, and Simon Tyrnauer citing assets of $15.7 million. In addition, according to city public data, the property has received four DOB violations, $3,500 in ECB penalties, and $4,150 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 122,322 square feet of the 136,647 square feet. The largest owner is GDC Properties, followed by Slate Property Group and then Bankwell Bank.
On the tax block, there was one new building construction project filed totaling 7,403 square feet. It is a 10-unit, 7,403 square-foot residential (R-2) building submitted by Yochanan Tennenhaus with plans filed April 9, 2021 and it has not been permitted yet.

The majority, or 78 percent of the 136,647 square feet of built space are elevator buildings, with walkup buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Bankwell Bank owned at least one commercial property with 16 residential units in New York City with 15,953 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

Direct link to Acris document. link