David Lloyd pays $13.5M for 6 walkups in Boerum Hill, Clinton Hill

UPDATED 4:10 p.m., December 30, 2024: Investor David Lloyd’s Lloyd Properties and Ian Miller’s Kadima Properties paid $13.5 million for five walkup in Boerum Hill and one in Clinton Hill with a total of 44 units in six separate transactions with two sellers. Traded NY reported Ian Miller was also involved in the purchase.

In the first, Lloyd Properties and Kadima Properties through the entity 540 Pacific Owner LLC paid $2.5 million to Debra Lennard through the entity 540 Pacific St., LLC for the eight-unit residential walkup building (C1) at 540 Pacific Street in Boerum Hill, Brooklyn. The expected use is cash flowing.
The deal closed on December 19, 2024 and was recorded on December 27, 2024. The property has 3,360 square feet of built space and 640 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $744 and the price per buildable square foot is $625 per the PincusCo analysis.

The signatory for Debra Lennard was Debra Lennard-Smith. The signatory for David Lloyd and Ian Miller was David Lloyd. The contract date was August 22, 2024.

In the second, Lloyd Properties and Kadima Properties through the entity 557 Pacific Owner LLC paid $2.5 million to Debra Lennard through the entity 557 Pacific Street, LLC for the six-unit residential walkup building (C2) at 557 Pacific Street in Boerum Hill, Brooklyn. The expected use is cash flowing.
The deal closed on December 19, 2024 and was recorded on December 27, 2024. The property has 3,780 square feet of built space for a total buildable of 3,780 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $661 per the PincusCo analysis.

In the third, Lloyd Properties and Kadima Properties through the entity 538 Pacific Owner LLC paid $2 million to Debra Lennard through the entity 538 Pacific St., LLC for the six-unit 1-4 family building (B1) at 538 Pacific Street in Boerum Hill, Brooklyn. The expected use is cash flowing.
The deal closed on December 19, 2024 and was recorded on December 27, 2024. The property has 3,200 square feet of built space and 800 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $625 and the price per buildable square foot is $500 per the PincusCo analysis.

In the fourth, Lloyd Properties and Kadima Properties through the entity 542 Pacific Owner LLC paid $2 million to Debra Lennard through the entity 542 Pacific St., LLC for the eight-unit residential walkup building (C1) at 542 Pacific Street in Boerum Hill, Brooklyn. The expected use is cash flowing.
The deal closed on December 19, 2024 and was recorded on December 27, 2024. The property has 3,360 square feet of built space and 640 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $595 and the price per buildable square foot is $500 per the PincusCo analysis.

In the fifth, Lloyd Properties and Kadima Properties through the entity 555 Pacific Owner LLC paid $2 million to Debra Lennard through the entity 555 Pacific Street, LLC for the eight-unit residential walkup building (C1) at 555 Pacific Street in Boerum Hill, Brooklyn. The expected use is cash flowing.
The deal closed on December 19, 2024 and was recorded on December 27, 2024. The property has 3,780 square feet of built space for a total buildable of 3,780 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $529 per the PincusCo analysis.

In the sixth, Lloyd Properties and Kadima Properties through the entity 533 Washington Owner LLC paid $2.5 million to Emily Gertz through the entity 533 Wash LLC for the eight-unit residential walkup building (C1) at 533 Washington Avenue in Clinton Hill, Brooklyn. The expected use is cash flowing.
The deal closed on December 19, 2024 and was recorded on December 27, 2024. The property has 2,531 square feet of built space and 1,865 square feet of additional air rights for a total buildable of 4,390 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $987 and the price per buildable square foot is $569 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 Emily Gertz was Emily Gertz and Helen Systra. The signatory for David Lloyd and Ian Miller was David Lloyd. The contract date was August 13, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer David Lloyd had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Emily Gertz had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Emily Gertz, head officer and Helen Systra, officer. The business entity is 533 Wash Llc.

The property

The residential walkup building with 8 residential units in Clinton Hill has 2,531 square feet of built space and 1,865 square feet of additional air rights for a total buildable of 4,390 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 117 feet deep with a total lot size of 2,195 square feet. The lot is irregular. 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 $1.2 million.

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 $50 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 four of the 17 commercial properties representing 26,071 square feet of the 71,226 square feet. The largest owner is A&E Real Estate Holdings, followed by Carlyle Group and then Emily Gertz.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 71,226 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 Emily Gertz owned at least one commercial property with eight residential units in New York City with 2,531 square feet and a city-determined market value of $1.2 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.

The buyer

The PincusCo database currently indicates that David Lloyd owned at least two commercial properties with 20 residential units in New York City with 17,835 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 17,835 square feet of built space are walkup properties, with retail properties next occupying 38 percent of the space. They are all located in Manhattan.

Clarification: The buyers were David Lloyd’s Lloyd Properties and Ian Miller’s Kadima Properties. 

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