Golden Arc pays $27.6M for two new rentals in Brooklyn

Golden Arc paid $27.57 million to Gavriel Sakaff for two new rental buildings in Brooklyn at 1590 East 19th Street in Midwood and 1669 East 19th Street two blocks south, in Sheepshead Bay.

In the larger transaction, Golden Arc through the entity East 19th 1590 Daf LLC paid $14.4 million to Gavriel Sakaff through the entity 1590 East 19th Street LLC for the 22-unit building with commercial at 1590 East 19th Street in Midwood, Brooklyn. The expected use is cash flowing. The building is divided into three condominium units.
The deal closed on January 8, 2025 and was recorded on January 13, 2025. The three condo units have 24,008 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $514 per the PincusCo analysis.

In the second, Golden Arc through the entity East 19th 1669 Daf LLC paid $13.2 million to Gavriel Sakaff through the entity Agam Development Co., LLC for the 29-unit residential elevator building (D1) at 1669 East 19th Street in Sheepshead Bay, Brooklyn. The expected use is cash flowing.
The deal closed on January 8, 2025 and was recorded on January 13, 2025. The property has 21,580 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $612 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 Gavriel Sakaff was Gavriel Sakaff.

The signatory for Gavriel Sakaff was Gavriel Sakaff. The signatory for Golden Arc was Lisa R. Radetsky. The contract date was November 26, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Golden Arc purchased one property in one transaction for a total of $4.6 million and has no record it sold any properties over the past 24 months.
The seller Gavriel Sakaff had not purchased any other properties and had not sold any properties over the same time period.

The block

On the tax block of 1590 East 19th Street, PincusCo has identified the owners of one of the seven commercial properties representing 40,240 square feet of the 206,540 square feet. The identified owner is Gavriel Sakaff.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 206,540 square feet of built space are elevator buildings, with office buildings next occupying 5 percent of the space.

The seller

The PincusCo database currently indicates that Gavriel Sakaff owned at least two commercial properties with 51 residential units in New York City with 61,820 square feet and a city-determined market value of $7.1 million. (Market value is typically about 50% of actual value.) The portfolio has $32.8 million in debt, with top three lenders as White Oak Projects, Maguire Capital Group, and Axos Bank respectively. Within the portfolio, all identified are elevator properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Golden Arc owned at least four commercial properties with 26 residential units in New York City with 24,538 square feet and a city-determined market value of $13.9 million. (Market value is typically about 50% of actual value.) The portfolio has $7.2 million in debt, borrowed from Israel Discount Bank. Within the portfolio, the bulk, or 74 percent of the 24,538 square feet of built space are walkup properties, with M4 properties next occupying 26 percent of the space. They are all located in Manhattan.

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