Elliot Sohayegh pays $2.6M to Related for 8-unit walkup in Greenpoint

Elliot Sohayegh through the entity NYC Chris Holdings LLC paid $2.6 million to Related Companies through the entity Nysandy8 Brooklyn 6 LLC for the eight-unit residential walkup building (C1) at 141 Meserole Avenue in Greenpoint, Brooklyn.
The deal closed on March 7, 2024 and was recorded on March 19, 2024. The property has 7,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $344 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 16, 2015, for $4.6 million. The signatory for Related Companies was Matthew Becker. The signatory for Elliot Sohayegh was Elliot Sohayegh. The contract date was March 7, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Elliot Sohayegh purchased one property in one transaction for a total of $3.4 million and sold one property in one transaction for a total of $16 million over the past 24 months.
The seller Related Companies purchased nine properties in four transactions for a total of $75.7 million and sold 16 properties in 14 transactions for a total of $1.1 billion over the same time period. The former owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Natasha Davis, site manager. The business entity is Nysandy8 Brooklyn 6 Llc.

The property

The residential walkup building with 8 residential units in Greenpoint has 7,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 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 29 housing violations and $100 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 16 of the 19 commercial properties representing 72,964 square feet of the 83,140 square feet. The largest owner is Sam Wurzberger, followed by Related Companies and then Pawel Wit.
On the tax block, there were two new building construction projects totaling 9,986 square feet. The largest is a seven-unit, 5,000 square-foot residential (R-2) building submitted by Michael Perrone with plans filed August 28, 2015 and it has not been permitted yet. The second largest is a three-unit, 4,986 square-foot residential (R-2) building submitted by Elad Ben-Kimon and filed by Elad Ben-Kimon with plans filed December 7, 2023 and it has not been permitted yet.

The majority, or 88 percent of the 83,140 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 Related Companies owned at least 178 commercial properties with 9,317 residential units in New York City with 21,269,116 square feet and a city-determined market value of $6 billion. (Market value is typically about 50% of actual value.) The portfolio has $5.1 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Deutsche Bank respectively. Within the portfolio, the bulk, or 44 percent of the 21,269,116 square feet of built space are elevator properties, with office properties next occupying 30 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Bronx next at 23 percent of the space.

The buyer

The PincusCo database currently indicates that Elliot Sohayegh owned at least 11 commercial properties with 220 residential units in New York City with 166,057 square feet and a city-determined market value of $46.4 million. (Market value is typically about 50% of actual value.) The portfolio has $17 million in debt, borrowed from New York Community Bank and Hanover Community Bank. Within the portfolio, the bulk, or 68 percent of the 166,057 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 90 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.

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