Eckstrom NYC pays $7.5M for 8-unit walkup in Brooklyn Heights

Eckstrom NYC through the entity 36 Remsen LLC paid $7.5 million to Demetrios Yatrakis through the entity 34-36 Remsen North Yat Spe LLC for eight-unit residential walkup building (C1) at 36 Remsen Street in Brooklyn Heights, Brooklyn.
To finance the purchase, Eckstrom NYC through the entity 36 Remsen LLC as borrower signed an acquisition loan with lender S3 Capital through the entity S3 Re Funding II LLC valued at $7.1 million.
The deal closed on February 2, 2023 and was recorded on February 16, 2023. The property has 8,153 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $919 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 July 24, 2020, for $9.9 million. The signatory for Demetrios Yatrakis was Demetrios Yatrakis. The signatory for Eckstrom NYC was Carlos Saavedra.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eckstrom NYC purchased six properties in six transactions for a total of $28.5 million and has no record it sold any properties over the past 24 months.
The seller Demetrios Yatrakis 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 Demetrios Yatrakis, head officer and A&M Anderson Associates, officer. The business entities are Division Property Management, Ltd and A&M Anderson Associates.

The property

The 36 Remsen Street parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,250 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $2.7 million.The most recent loan totaled $5.1 million and was provided by W Financial on April 25, 2022.

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 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the 12 commercial properties representing 23,724 square feet of the 44,760 square feet. The two identified owners are Metropolitan Realty Exemptions and Lonicera Partners.
there are no active new building construction projects on this tax block.

The majority, or 79 percent of the 44,760 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Demetrios Yatrakis owned at least two commercial properties in New York City with 12,017 square feet and a city-determined market value of $3.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Eckstrom NYC owned at least 10 commercial properties in New York City with 53,775 square feet and a city-determined market value of $21.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 34 percent of the 53,775 square feet of built space are C3 properties, with N9 properties next occupying 29 percent of the space. They are all located in Brooklyn.

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