Eli Pavel pays $5.2M to Duke Properties for 21-unit walkup in Flatbush

Eli Pavel through the entity 10 Westminster Rd Pps LLC paid $5.2 million to Duke Properties through the entity 10 Westminster Road LLC for the 21-unit residential walkup building (C1) at 10 Westminster Road in Flatbush, Brooklyn.
The deal closed on May 1, 2023 and was recorded on May 18, 2023. The property has 25,990 square feet of built space and 1,176 square feet of additional air rights for a total buildable of 27,147 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $201 and the price per buildable square foot is $192 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 August 6, 2015, for $5.8 million. The signatory for Duke Properties was Albert Dweck. The signatory for Eli Pavel was Eli Pavel.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eli Pavel purchased one property in one transaction for a total of $1.9 million and has no record it sold any properties over the past 24 months.
The seller Duke Properties purchased one property in one transaction for a total of $2.6 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Albert Dweck, head officer and Joe Dweck, officer. The business entity is 10 Westminster Road, LLC. The 25,990-square-foot property generated revenue of $522,734 or $20 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 21 residential units in Flatbush has 25,990 square feet of built space and 1,176 square feet of additional air rights for a total buildable of 27,147 square feet according to a PincusCo analysis of city data. The parcel has frontage of 105 feet and is 108 feet deep with a total lot size of 9,049 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.3 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 109 housing violations and $2,075 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 six of the 16 commercial properties representing 194,243 square feet of the 248,716 square feet. The largest owner is Mhany Management, followed by Eliezer Jeremias and then Duke Properties.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 248,716 square feet of built space are walkup buildings, with elevator buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Duke Properties owned at least 32 commercial properties with 222 residential units in New York City with 210,573 square feet and a city-determined market value of $30.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 97 percent of the 210,573 square feet of built space are walkup properties, with C3 properties next occupying 3 percent of the space. The bulk, or 47 percent of the built space, is in Brooklyn, with Queens next at 43 percent of the space.

The buyer

The PincusCo database currently indicates that Eli Pavel owned at least three commercial properties with 38 residential units in New York City with 31,230 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) The portfolio has $11.8 million in debt, borrowed from Spencer Savings Bank and IceCap Group. Within the portfolio, the bulk, or 69 percent of the 31,230 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Manhattan next at 19 percent of the space.

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