Ezra Shabot pays $4.3M to Rybak Development for commercial condo in Bensonhurst

Ezra Shabot through the entity 1414 Commercial Partners LLC paid $4.3 million to Rybak Development through the entity 1414 West 4th Street Holding LLC for the commercial condo at 1414 West 4th Street in Bensonhurst, Brooklyn.
The deal closed on June 25, 2024 and was recorded on July 8, 2024. The property has 8,840 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $486 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 18, 2019, for $3 million. The signatory for Rybak Development was Irina Saks. The signatory for Ezra Shabot was Ezra Shabot. The contract date was May 23, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ezra Shabot had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rybak Development purchased four properties in three transactions for a total of $43.3 million and sold one property in one transaction for a total of $2.8 million over the same time period.

The property

The specialty condo in Bensonhurst has 8,840 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 8,840 square feet. The property has a 421A exemption that started in 2013 and expires in 2028. The city-designated market value for the property in 2022 is $120,365.

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 not received any significant violations 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. On the tax lot, the most recent condominium plan was filed by 1414 WEST 4TH PARTNERS, LLC to create 30 residential units and 1 commercial units in a building at 1418 West 4th Street in Bensonhurst, Brooklyn, called Jade Condominiumthat has a $24.9 million sellout, according to an August 30, 2017 submission to the New York State Attorney General. The principals of the sponsor, 1414 WEST 4TH PARTNERS, LLC, were Nicholas Henderson – Stewart, Jason Reznik, Sergey Rybak, and Eduard Slinin.

The neighborhood

In Bensonhurst, The bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has 1.5 times the average sales volume among other neighborhoods with $411.7 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 498,690 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 2,040 square feet of the 18,656 square feet. The identified owner is Anthony Vertolomo Jr..
On the tax block, there was one new building construction project filed totaling 8,786 square feet. It is a 10-unit, 8,786 square-foot residential (R-2) building submitted by David Lin and filed by David Lin with plans filed June 18, 2024 and it has not been permitted yet.

The majority, or 62 percent of the 18,656 square feet of built space are mixed-use buildings, with specialty buildings next occupying 38 percent of the space.

The seller

The PincusCo database currently indicates that Rybak Development owned at least seven commercial properties with 56 residential units in New York City with 106,545 square feet and a city-determined market value of $36.7 million. (Market value is typically about 50% of actual value.) The portfolio has $354.4 million in debt, with top three lenders as Valley National Bank, MF1 Capital, and Bank Leumi respectively. Within the portfolio, the bulk, or 35 percent of the 106,545 square feet of built space are elevator properties, with development properties next occupying 33 percent of the space. The bulk, or 67 percent of the built space, is in Manhattan, with Queens next at 33 percent of the space.

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