Elliot Sohayegh pays $3.4M for 8-unit walkup in Crown Heights

Elliot Sohayegh through the entity BK Prospect Group LLC paid $3.4 million to the entity Prospect Park Management L.L.C. for the eight-unit residential walkup building (C1) at 464 Prospect Place in Crown Heights, Brooklyn.
The deal closed on September 28, 2023 and was recorded on October 6, 2023. The property has 5,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $607 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 March 1, 2012, for $1.2 million. The signatory for the seller entity was Albert J. Cella Jr. and Barbara Cella. The signatory for Elliot Sohayegh was Elliot Sohayegh. The contract date was June 21, 2023.

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 $3.1 million and has no record it sold any properties over the past 24 months.
The seller Albert J. Cella Jr. had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Scott Kupferman, head officer. The business entity is Prospect Park Management Llc.

The property

The residential walkup building with 8 residential units in Crown Heights has 5,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 131 feet deep with a total lot size of 2,620 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 $1.6 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 $300 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 25 of the 39 commercial properties representing 161,106 square feet of the 226,660 square feet. The largest owner is Shmuel Wallerstein, followed by Scott Kupferman and then All Year Management.
On the tax block, there was one new building construction project filed totaling 4,443 square feet. It is a two-unit, 4,443 square-foot assembly (A-2) building submitted by Karla Rothstein with plans filed March 21, 2014 and it has not been permitted yet.

The majority, or 81 percent of the 226,660 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Elliot Sohayegh owned at least 11 commercial properties with 234 residential units in New York City with 177,683 square feet and a city-determined market value of $52.7 million. (Market value is typically about 50% of actual value.) The portfolio has $23.2 million in debt, borrowed from New York Community Bank and Hanover Community Bank. Within the portfolio, the bulk, or 63 percent of the 177,683 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. The bulk, or 94 percent of the built space, is in Manhattan, with Brooklyn next at 6 percent of the space.

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