Eli Scharf pays $2.8M for 3-family in Park Slope

Eli Scharf through the entity Habitat On 10th LLC paid $2.8 million to Yehuda Steinberg through the entity YS 591 Realty LLC for the three-unit building (C0) at 591 10th Street in Park Slope, Brooklyn.
The deal closed on May 31, 2023 and was recorded on June 5, 2023. The property has 3,300 square feet of built space and 700 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 $833 and the price per buildable square foot is $687 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 Yehuda Steinberg was Scott Eisenmesser. The signatory for Eli Scharf was Eli Scharf.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eli Scharf purchased one property in one transactions for a total of $3.5 million and has no record it sold any properties over the past 24 months.
The seller Yehuda Steinberg had not purchased any other properties and sold two properties in two transactions for a total of $10.4 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Yehuda Steinberg, individual owner.

The property

The building with 3 residential units in Park Slope has 3,300 square feet of built space and 700 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Park Slope Historic District Extension. The city-designated market value for the property in 2022 is $3.4 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 $2,000 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

There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 32,474 square feet of built space are mixed-use buildings, with walkup buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Eli Scharf owned at least three commercial properties with seven residential units in New York City with 10,450 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from S3 Capital. Within the portfolio, the bulk, or 39 percent of the 10,450 square feet of built space are C3 properties, with industrial properties next occupying 35 percent of the space. They are all located in Brooklyn.

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