Gilman Management pays $5.2M for 38-unit rental in Bed Stuy
575 Herkimer Street (Credit - Google)
Gilman Management Corp. through the entity 575 Herkimer Street Associates, LLC paid $5.2 million to Naziemul Safi and Guila Feinberg through the entity 2 Stuyvesant Manor Inc. for the 38-unit residential elevator building (D1) at 575 Herkimer Street in Bed Stuy, Brooklyn.
The deal closed on July 15, 2022 and was recorded on August 10, 2022. The property has 35,200 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $149 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 signatory for Naziemul Safi and Guila Feinberg was Naziemul Safi and Guila Feinberg. The signatory for Gilman Management Corp. was Michael N. Coritsidis. The LLC is in care of Gilman Management with Robert Raphael as a contact.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Gilman Management Corp. purchased one property in one transaction for a total of $3.2 million and sold one property in one transaction for a total of $8.3 million over the past 24 months.
The seller Naziemul Safi 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 Guila Feinburg, head officer and Guila Feinberg, officer. The business entities are 2 Stuyvesant Manor and 2 Stuyvesant Manor Inc. The 35,200-square-foot property generated revenue of $691,936 or $20 per square foot, according to the most recent income and expense figures.
The property
The 575 Herkimer Street parcel has frontage of 84 feet and is 104 feet deep with a total lot size of 8,652 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.5 million.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two DOB violations, 33 housing violations, and one housing litigation in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 200,200 square feet of the 211,628 square feet. The two identified owners are Robyn Lucas and Guila Feinburg.
There are no active new building construction projects on this tax block.
The majority, or 95 percent of the 211,628 square feet of built space are elevator buildings, with office buildings next occupying 5 percent of the space.
The buyer
The PincusCo database currently indicates that Gilman Management Corp. owned at least one commercial property in New York City with 11,000 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.
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