Harkham Ventures pays $8.9M for 62-unit rental in Crown Heights

Harkham Ventures through the entity HV 263 Ep LLC paid $8.9 million to the entity Michelin Partners LLC for the 62-unit residential elevator building (D1) at 263 Eastern Parkway in Crown Heights, Brooklyn. The expected use is cash flowing.
The deal closed on September 11, 2025 and was recorded on September 24, 2025. The property has 75,000 square feet of built space and 9,504 square feet of additional air rights for a total buildable of 84,480 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $118 and the price per buildable square foot is $105 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 sellers Nathan Eiges and Jonathan Poole was asset manager Debra Cooper . The signatory for Harkham Ventures was Efrem Harkham . The contract date was May 13, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Harkham Ventures purchased three properties in three transactions for a total of $21.6 million and has no record it sold any properties over the past 24 months.
The seller Nathan Eiges 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 Peter Weinberg, head officer and Debra Cooper, officer. The business entity is Michelin Partners LLC. The 75,000-square-foot property generated revenue of $1.2 million or $16 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 62 residential units in Crown Heights has 75,000 square feet of built space and 9,504 square feet of additional air rights for a total buildable of 84,480 square feet according to a PincusCo analysis of city data. The parcel has frontage of 110 feet and is 192 feet deep with a total lot size of 21,120 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.5 million. The property has 61 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 $2,400 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 seven of the nine commercial properties representing 229,184 square feet of the 248,048 square feet. The largest owner is Creative Housing, followed by Jonathan Poole and then Renaissance Realty Group.
On the tax block, there were two new building construction projects totaling 58,407 square feet. The largest is a 76-unit, 52,737 square-foot residential (R-2) building submitted by Renaissance Realty Group and filed by Marc Chemtob with plans filed May 19, 2023 and it has not been permitted yet. The second largest is a five-unit, 5,670 square-foot residential (R-2) building submitted by Omar Slowe with plans filed December 22, 2020 and permitted December 28, 2022.

The majority, or 56 percent of the 248,048 square feet of built space are elevator buildings, with walkup buildings next occupying 44 percent of the space.

The seller

The PincusCo database currently indicates that Jonathan Poole owned at least two commercial properties with 92 residential units in New York City with 101,275 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 101,275 square feet of built space are elevator properties, with walkup properties next occupying 26 percent of the space. They are all located in Brooklyn.

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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