Gabriels pay $13.3M for 24-unit rental in Greenpoint

UPDATED, 5:15 a.m., January 23, 2025: Suren Gabriel and Arthur Gabriel, who are partners at the Rockville Centre-based Gabriel Law law firm, through the entity 182 Eagle St Realty LLC paid $13.3 million to Shiya Labin and Morris Meisels through the entity Eagle BSD LLC for the 24-unit residential elevator building (D7) at 182 Eagle Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on December 30, 2024 and was recorded on January 21, 2025. The property has 22,455 square feet of built space and 75 square feet of additional air rights for a total buildable of 22,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $592 and the price per buildable square foot is $591 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 October 13, 2023, for $10 million. The signatory for Shiya Labin and Morris Meisels was Shiya Labin and Morris Meisels. The signatory for Suren Gabriel and Arthur Gabriel was Suren Gabriel and Arthur Gabriel. The contract date was November 20, 2024.

Lev Mavashev of Alpha Realty brokered the transaction for both buyer and seller.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Suren Gabriel purchased two properties in one transaction for a total of $3.4 million and has no record it sold any properties over the past 24 months.
The seller Shiya Labin had not purchased any other properties and sold one property in one transaction for a total of $26.5 million over the same time period.

The property

The residential elevator building with 24 residential units in Greenpoint has 22,455 square feet of built space and 75 square feet of additional air rights for a total buildable of 22,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2011 and expires in 2026. The city-designated market value for the property in 2022 is $7.9 million. The most recent loan totaled $7.3 million and was provided by Modern Bank on October 13, 2023. The property has 25 rent regulated units according to city tax records from 2023.

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 $50 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 16 commercial properties representing 221,367 square feet of the 221,367 square feet. The largest owner is Dalan Real Estate, followed by Yidel Hirsch and then Morris Meisels.
On the tax block, there were two new building construction projects totaling 75,270 square feet. The largest is a 90-unit, 73,848 square-foot residential (R-2) building submitted by Joel Weiss and filed by Joel Weiss with plans filed April 18, 2016 and permitted April 18, 2019. The second largest is a four-unit, 1,422 square-foot residential (R-2) building submitted by Ran Michaeli with plans filed February 28, 2024 and permitted July 12, 2024.

The majority, or 63 percent of the 221,367 square feet of built space are elevator buildings, with walkup buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Morris Meisels owned at least five commercial properties with 27 residential units in New York City with 38,640 square feet and a city-determined market value of $12.2 million. (Market value is typically about 50% of actual value.) The portfolio has $7.3 million in debt, borrowed from Modern Bank. Within the portfolio, the bulk, or 58 percent of the 38,640 square feet of built space are elevator properties, with office properties next occupying 30 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Shiya Labin owned at least three commercial properties with 82 residential units in New York City with 209,085 square feet and a city-determined market value of $22.7 million. (Market value is typically about 50% of actual value.) The portfolio has $40.1 million in debt, borrowed from Connectone Bank and Merchants Bank of Indiana. Within the portfolio, the bulk, or 71 percent of the 209,085 square feet of built space are office properties, with elevator properties next occupying 29 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Arthur Gabriel owned at least 11 commercial properties with 68 residential units in New York City with 64,670 square feet and a city-determined market value of $16.4 million. (Market value is typically about 50% of actual value.) The portfolio has $5.9 million in debt, borrowed from Customers Bank. Within the portfolio, the bulk, or 84 percent of the 64,670 square feet of built space are walkup properties, with retail properties next occupying 16 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Suren Gabriel owned at least two commercial properties with 16 residential units in New York City with 13,440 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

UPDATED with brokerage information.

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