HF Capital pays $24.4M to LeFrak for two rentals with 165 units combined in Bay Ridge

HF Capital through the entity Hf Bay Ridge L.P. paid $24.4 million to LeFrak through the entity Ridge Leasing Limited Partnership for the 83-unit residential elevator building (D1) at 7420 Ridge Boulevard and the 82-unit residential elevator building (D1) at 7410 Ridge Boulevard in Bay Ridge, Brooklyn. The expected use is cash flowing.
The deal closed on June 18, 2025 and was recorded on June 26, 2025. The two properties have 176,064 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $138 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 LeFrak was Arnold S. Lehman . The signatory for HF Capital was Avi Singer . The contract date was February 6, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 7410 Ridge Blvd.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer HF Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller LeFrak had not purchased any other properties and sold four properties in four transactions for a total of $71.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Bernhardt, head officer and Margaret Broda, officer. The business entities are Estates Ny Real Estate Services Llc and Ridge Leasing Limited Partnership. The two properties with a total of 176,064 square feet of built space generated revenue of $4 million per year or $23 per square foot. The sale price per square foot was $138.

The property

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 $7.6 million. The property has 71 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 92 housing violations and $100 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 7410 Ridge Blvd, PincusCo has identified the owners of three of the three commercial properties representing 233,100 square feet of the 233,100 square feet. The two identified owners are LeFrak and Parkoff Organization.
There are no active new building construction projects on this tax block.

All properties are elevator.

The seller

The PincusCo database currently indicates that LeFrak owned at least 61 commercial properties with 9,827 residential units in New York City with 11,017,892 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 11,017,892 square feet of built space are elevator properties, with office properties next occupying 10 percent of the space. The bulk, or 61 percent of the built space, is in Queens, with Manhattan next at 32 percent of the space.

The buyer

The PincusCo database currently indicates that Hf Capital owned at least one commercial property with 25 residential units in New York City with 28,500 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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