Eili Blaleh pays $3.5M to Itzhaki Acquisitions for mixed-use in Williamsburg

Eili Blaleh through the entity EB Parkway Realty LLC paid $3.5 million to Itzhaki Acquisitions through the entity BH 431-433 Wythe Avenue LLC for the five-unit mixed-use building (S9) at 332 Rodney Street in Williamsburg, Brooklyn.
The deal closed on May 23, 2023 and was recorded on May 31, 2023. The property has 4,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $784 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 9, 2018, for $3.1 million. The signatory for Itzhaki Acquisitions was Erez Itzhaki. The signatory for Eili Blaleh was Eili Blaleh.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Eili Blaleh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Itzhaki Acquisitions had not purchased any other properties and sold one property in one transaction for a total of $4.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development include Gil Boosidan, head officer and Justin Hollander, agent. The business entities are Marin Management Corp and BH 431-433 Wythe Avenue Llc.

The property

The mixed-use building with 5 residential units in Williamsburg has 4,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 70 feet deep with a total lot size of 1,400 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 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 neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 6th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Williamsburg is the 8th most active neighborhood among other neighborhoods. It had 4.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 58,532 square feet of the 66,165 square feet. The largest owner is William Poulakas, followed by Soonbin Kim and then Naftali Hager.
There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 66,165 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Itzhaki Acquisitions owned at least five commercial properties with 95 residential units in New York City with 55,801 square feet and a city-determined market value of $12.5 million. (Market value is typically about 50% of actual value.) The portfolio has $16.1 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 54 percent of the 55,801 square feet of built space are elevator properties, with walkup properties next occupying 46 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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