GD Capital Group pays $2.2M 6-unit residential walkup in Bedford Stuyvesant

GD Capital Group through the entity 375 Chauncey Street LLC (and others) paid $2.2 million to Adam Cohen through the entity 643 Madison LLC for the six-unit residential walkup building (C2) at 375 Chauncey Street in Bedford Stuyvesant, Brooklyn.
The deal closed on July 14, 2023 and was recorded on August 1, 2023. The property has 5,460 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $409 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 6, 2014, for $835,000. The signatory for Adam Cohen was Adam Cohen. The signatory for GD Capital Group was Mark Guindi. The contract date was July 12, 2023. The property is being managed in part by Midtown-based Arya Management.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer GD Capital Group purchased two properties in two transactions for a total of $5.5 million and has no record it sold any properties over the past 24 months.
The seller Adam Cohen had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Adam Cohen, head officer and Israel Glaser, officer. The business entity is 643 Madison Llc.

The property

The residential walkup building with 6 residential units in Bedford Stuyvesant has 5,460 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,600 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 $944,000.

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 $8,750 in ECB penalties, one housing violation, and $8,750 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 19, 2020. 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 14 of the 24 commercial properties representing 80,327 square feet of the 127,671 square feet. The largest owner is Yossel Lichtman, followed by Northeast Brooklyn Housing Development Corporation and then Mordechai Koslowitz.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 127,671 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Adam Cohen owned at least two commercial properties with 20 residential units in New York City with 17,460 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5.9 million in debt, borrowed from ConnectOne Bank. Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that GD Capital Group owned at least three commercial properties with 11 residential units in New York City with 12,308 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. They are all located in Brooklyn.

Direct link to Acris document. link