Georgia-based Lumar Capital pays $3.3M for 8-unit walkup in Bedford Stuyvesant

The Marchica family’s Georgia-based Lumar Capital through the entity 194 Stuyvesant LLC paid $3.3 million to Nir Sapir through the entity Stuyvesant LLC for the eight-unit residential walkup building (C1) at 194 Stuyvesant Avenue in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on December 16, 2024 and was recorded on January 3, 2025. The property has 7,907 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $420 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 February 11, 2010, for $600,000. The signatory for Nir Sapir was Rosemary Hayden. The signatory for Lumar Capital, also known as Lumar Investments, was Luigi Marchica. The contract date was October 10, 2024. Davide Marchica is the agent for the buyer entity, which is in care of Lumar Capital, a Georgia company led by the Marchica family. Avraham Benhamo sold the adjacent building 192 Stuyvesant Avenue for $3.5 million to Guy Peleg on December 22, 2021.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lumar Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nir Sapir 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 Nir Sapir, head officer and Keren Zohar, site manager. The business entity is Stuyvesant Llc.

The property

The residential walkup building with 8 residential units in Bedford Stuyvesant has 7,907 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 2,500 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 2017 and expires in 2032. The city-designated market value for the property in 2022 is $1.1 million. The property has 8 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

For the tax lot building, it received its initial certificate of occupancy on July 10, 2015. 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 six of the eight commercial properties representing 130,604 square feet of the 135,834 square feet. The largest owner is Nyc Department Of Education, followed by City Of New York and then Cb-Emmanuel Realty.
On the tax block, there was one new building construction project filed totaling 3,525 square feet. It is a two-unit, 3,525 square-foot residential (R-2) building submitted by Brandon Gibson with plans filed June 14, 2022 and permitted December 20, 2024.

The majority, or 79 percent of the 135,834 square feet of built space are specialty buildings, with walkup buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Nir Sapir owned at least four commercial properties with 25 residential units in New York City with 23,731 square feet and a city-determined market value of $3.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 37 percent of the 23,731 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. They are all located in Brooklyn.

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