Bernard Schwimmer pays $1.8M to Archwest Capital for 6-unit walkup in Greenwood Heights

Bernard Schwimmer through the entity 893 4th Ave LLC paid $1.8 million to Archwest Capital through the entity 5aif Sycamore 2, LLC for six-unit residential walkup building (C2) at 893 4th Avenue in Greenwood Heights, Brooklyn. A former owner, Michael Uhr, filed to place this property in bankruptcy in May 2021, and the filing was terminated in July 2022.
The deal closed on August 31, 2022 and was recorded on September 15, 2022. The property has 4,000 square feet of built space and 6,338 square feet of additional air rights for a total buildable of 10,348 square feet according to PincusCo analysis of city data. The sale price per built square foot is $450 and the price per buildable square foot is $173 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 April 13, 2022, for $1.5 million. The signatory for Archwest Capital was Robert Roades. The signatory for Bernard Schwimmer was Bernard Schwimmer.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Bernard Schwimmer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Archwest Capital purchased one properties in one transactions for a total of $3.7 million and had not sold any properties over the same time period.

The property

The 893 4th Avenue parcel has frontage of 26 feet and is 97 feet deep with a total lot size of 2,587 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $837,000.

Violations and lawsuits

The property was involved in one lawsuit and one bankruptcy over the past two years. The suit was a $4.8 million commercial foreclosure concerning a loan filed on July 8, 2020, by Michael Urh. The bankruptcy was filed on May 24, 2021, by Michael Uhr citing assets of $4.8 million. In addition, according to city public data, the property has received $630 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 18 commercial properties representing 26,129 square feet of the 93,142 square feet. The largest owner is Rosemary Lafontant, followed by Mario Valdes and then Archwest Capital.
There is one active new building construction project totaling 9,902 square feet. It is a 10-unit, 9,902-square-foot R-2 building developed by Anna Sampass with plans filed November 2, 2016 and permitted March 13, 2019.

The majority, or 40 percent of the 93,142 square feet of built space are walkup buildings, with mixed-use buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Archwest Capital owned at least one commercial property in New York City with 4,000 square feet and a city-determined market value of $837,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Bernard Schwimmer owned at least six commercial properties in New York City with 86,142 square feet and a city-determined market value of $9.5 million. (Market value is typically about 50% of actual value.) The portfolio has $17.5 million in debt, borrowed from Webster Bank and CPC Funding. Within the portfolio, the bulk, or 77 percent of the 86,142 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 65 percent of the built space, is in Brooklyn, with Bronx next at 35 percent of the space.

Direct link to Acris document. link