Harkham Ventures pays $10.8M for 101-unit rental in East Flatbush

Harkham Ventures through the entity HV 275 Linden LLC paid $10.8 million to Beth Wallance and Debra Cooper through the entity E & K Realty Co. (Kings) LLC for the 101-unit residential elevator building (D1) at 275 Linden Boulevard in East Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on May 29, 2025 and was recorded on June 10, 2025. The property has 135,714 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $79 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 Beth Wallance and Debra Cooper was Beth Wallance. The signatory for Harkham Ventures was Efrem Harkham . The contract date was March 3, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Harkham Ventures purchased two properties in two transactions for a total of $10.8 million and has no record it sold any properties over the past 24 months.
The seller Beth Wallance 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 Debra Cooper, head officer and Beth Wallance, officer. The business entity is E&K Realty Co(Kings)Llc. The 135,714-square-foot property generated revenue of $1.7 million or $13 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 101 residential units in East Flatbush has 135,714 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 257 feet deep with a total lot size of 38,570 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5 million. The property has 101 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 20 housing violations and $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 11 of the 23 commercial properties representing 427,950 square feet of the 639,164 square feet. The largest owner is Harkham Ventures, followed by Shaul Kopelowitz and then Eric Miller.
On the tax block, there were five new building construction projects totaling 105,862 square feet. The largest is a 46-unit, 31,578 square-foot residential (R-2) building submitted by Joseph Roubeni with plans filed January 3, 2022 and permitted May 24, 2022. The second largest is a 41-unit, 28,757 square-foot residential (R-2) building submitted by Candor Capital and filed by Charles Wurzberger with plans filed December 1, 2021 and permitted August 16, 2022.

The majority, or 83 percent of the 639,164 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Harkham Ventures owned at least six commercial properties with 306 residential units in New York City with 374,699 square feet and a city-determined market value of $29.1 million. (Market value is typically about 50% of actual value.) The portfolio has $33.6 million in debt, with top three lenders as First Republic Bank, JPMorgan Chase, and Morgan Stanley respectively. Within the portfolio, the bulk, or 97 percent of the 374,699 square feet of built space are elevator properties, with mixed-use properties next occupying 2 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Brooklyn next at 36 percent of the space.

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