Eleizer Schwimer pays $4M to Chaskel Strulovitch for residential walkup in Crown Heights

Eleizer Schwimer through the entity Taylor Park LLC paid $4 million to Chaskel Strulovitch through the entity 945 Park Pl LLC for 16-unit residential walkup building (C1) at 945 Park Place in Crown Heights, Brooklyn.
The deal closed on August 23, 2022 and was recorded on September 9, 2022. The property has 10,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $377 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 May 13, 2013, for $1.9 million. The signatory for Chaskel Strulovitch was Chaskel Strulovitch. The signatory for Eleizer Schwimer was Eleizer Schwimer.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Eleizer Schwimer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Chaskel Strulovitch 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 Leo Klein, head officer and Joe Strulowizis, officer. The business entity is 945 Park Pl Llc. The 10,600-square-foot property generated revenue of $222,535 or $21 per square foot, according to the most recent income and expense figures.

The property

The 945 Park Place parcel has frontage of 30 feet and is 128 feet deep with a total lot size of 3,840 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 Crown Heights North II Historic District. The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $2.7 million commercial foreclosure concerning a loan filed on January 4, 2022, by Sterling National Bank against Chaskiel Strulovitch. In addition, according to city public data, the property has received one housing violation and $1,900 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 14 of the 17 commercial properties representing 206,188 square feet of the 236,490 square feet. The largest owner is Aegis Realty Management, followed by Avinadav Siev and then Hudson Companies.
There is one active new building construction project totaling 21,945 square feet. It is a 22-unit, 21,945-square-foot R-2 building developed by Yaniv Cohen with plans filed July 13, 2015 and permitted June 30, 2017.

The majority, or 57 percent of the 236,490 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Eleizer Schwimer owned at least 11 commercial properties in New York City with 32,512 square feet and a city-determined market value of $15 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 34 percent of the 32,512 square feet of built space are B1 properties, with walkup properties next occupying 20 percent of the space. They are all located in Brooklyn.

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