Herman Stark through the entity Starco Marcy LLC paid $3 million to Hirshmark Capital through the entity 818 Marcy Ave Fs LLC for the 12-unit residential walkup building (C1) at 818 Marcy Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on June 5, 2023 and was recorded on June 28, 2023. The property has 6,075 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $500 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 Hirshmark Capital was Abraham Goldman. The signatory for Herman Stark was Herman Stark. Hirshmark acquired title in December 2022, a few months after an affiliate of Hirshmark bought the debt from Signature Bank.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Herman Stark had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hirshmark Capital had not purchased any other properties and sold four properties in three transactions for a total of $10.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mark Levin, head officer and Joel Spitzer, site manager. The business entity is 818 Marcy Ave Fs Llc. The 6,075-square-foot property generated revenue of $170,039 or $28 per square foot, according to the most recent income and expense figures.
The residential walkup building with 12 residential units in Bedford Stuyvesant has 6,075 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,699 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Bedford Historic District. The city-designated market value for the property in 2022 is $786,000. The most recent loan totaled 0.0 and was provided by 818 Marcy Funding LLC on August 17, 2022.
Violations and lawsuits
In addition, according to city public data, the property has received four DOB violations, eight housing violations, and $1,350 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On this tax block, PincusCo has identified the owners of nine of the 14 commercial properties representing 58,050 square feet of the 66,714 square feet. The largest owner is Sam Weinberg, followed by Lynette Gill and then Eustace Lashley.
On the tax block, there was one new building construction project filed totaling 10,466 square feet. It is a eight-unit, 10,466 square-foot residential (R-2) building submitted by Sasha Mehdyzadeh with plans filed June 14, 2018 and it has not been permitted yet.
The majority, or 91 percent of the 66,714 square feet of built space are walkup buildings, with mixed-use buildings next occupying 9 percent of the space.
The PincusCo database currently indicates that Hirshmark Capital owned at least four commercial properties with 21 residential units in New York City with 17,889 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 86 percent of the 17,889 square feet of built space are walkup properties, with mixed-use properties next occupying 14 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Herman Stark owned at least two commercial properties with seven residential units in New York City with 8,219 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 8,219 square feet of built space are walkup properties, with mixed-use properties next occupying 44 percent of the space. The bulk, or 56 percent of the built space, is in Brooklyn, with Bronx next at 44 percent of the space.
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