David Levitan, Steven Berger pay $12.2M to David Kleiner for residential walkup in East Morrisania

David Levitan, Steven Berger, Yosef Rabinowitz, Asher Shafran, Sarah Turkel, Tamar Rosenbaum, and Joel Shafran through the entity Cooper Acquisition LLC paid $12.2 million to David Kleiner through the entity R.R.W Realty Corp for the 64-unit residential walkup building (C1) at 1838 Vyse Avenue in East Morrisania, Bronx.
The deal closed on September 12, 2022 and was recorded on September 28, 2022. The property has 44,525 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $274 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 David Kleiner was Jeffrey Zwick. The signatory for David Levitan, Steven Berger, Yosef Rabinowitz, Asher Shafran, Sarah Turkel, Tamar Rosenbaum, and Joel Shafran was David Levitan. David Kleiner was identified as president of the seller company in a loan document from 2021. David Levitan is affiliated with Liberty One Group. David Levitan 35%|Steven Berger 35%|Yosef Rabinowitz 10%|Asher Shafran 4%|Sarah Turkel 4%|Tamar Rosenbaum 4%|Joel Shafran 4%

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer David Levitan had purchased any other properties and sold one property in one transaction for a total of $4 million over the past 24 months.
The seller David Kleiner had not purchased any other properties and sold one property in one transaction for a total of $8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Levitan, head officer and Victor Rivera, lessee. The business entities are Bronx Parent Housing Network and 1838 Development Llc. The 44,525-square-foot property generated revenue of $853,992 or $19 per square foot, according to the most recent income and expense figures.

The property

The 1838 Vyse Avenue parcel has frontage of 116 feet and is 103 feet deep with a total lot size of 11,948 square feet. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $3 million.The most recent loan totaled $5.8 million and was provided by Signature Bank on March 15, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $7,025 in ECB penalties, three housing violations, and $7,965 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 13 commercial properties representing 220,641 square feet of the 474,700 square feet. The largest owner is Dunn Development, followed by David Kleiner and then PWB Management Corp.
On the tax block, there was one new building construction project filed totaling 239,038 square feet. It is a 121-unit, 239,038-square-foot R-2 building developed by Martin Dunn with plans filed February 3, 2017 and permitted June 21, 2017.

The majority, or 37 percent of the 474,700 square feet of built space are walkup buildings, with retail buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that David Kleiner owned at least 16 commercial properties in New York City with 745,765 square feet and a city-determined market value of $36.1 million. (Market value is typically about 50% of actual value.) The portfolio has $52 million in debt, with top three lenders as JPMorgan Chase, Signature Bank, and Flushing Bank respectively. Within the portfolio, the bulk, or 64 percent of the 745,765 square feet of built space are walkup properties, with elevator properties next occupying 36 percent of the space. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Joel Shafran owned at least 21 commercial properties in New York City with 675,534 square feet and a city-determined market value of $118.3 million. (Market value is typically about 50% of actual value.) The portfolio has $119.3 million in debt, with top three lenders as Popular Bank, Signature Bank, and TriState Capital Bank respectively. Within the portfolio, the bulk, or 40 percent of the 675,534 square feet of built space are hotel properties, with walkup properties next occupying 35 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Manhattan next at 20 percent of the space.
The PincusCo database currently indicates that David Levitan owned at least 11 commercial properties in New York City with 307,571 square feet and a city-determined market value of $44.6 million. (Market value is typically about 50% of actual value.) The portfolio has $83.2 million in debt, with top three lenders as Investors Bank, Popular Bank, and TriState Capital Bank respectively. Within the portfolio, the bulk, or 48 percent of the 307,571 square feet of built space are hotel properties, with walkup properties next occupying 39 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Queens next at 29 percent of the space.
The PincusCo database currently indicates that Steven Berger owned at least two commercial properties in New York City with 25,000 square feet and a city-determined market value of $6.2 million. (Market value is typically about 50% of actual value.) The portfolio has $27.6 million in debt, borrowed from Metropolitan Commercial Bank and Popular Bank. Within the portfolio, the bulk, or 100 percent of the 25,000 square feet of built space are N9 properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.
The PincusCo database currently indicates that Yosef Rabinowitz owned at least one commercial property in New York City with 19,656 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $8 million in debt, borrowed from M&T Bank. The portfolio consists of at least a single industrial property. It is located in Queens.

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