Investmates pays $6M to Yehuda Cohen for new 9-unit rental in Crown Heights

Investmates through the entity Classon Bk Development LLC paid $6 million to Yehuda Cohen through the entity 820 Classon Management LLC for the seven-unit residential walkup building (C1) at 820 Classon Avenue in Crown Heights, Brooklyn. The expected use is cash flowing.
On the lot, there is one active major alteration construction project, 321383150, for a nine-unit, 9,344 square-foot R-2 building. The project was submitted by Yehuda Cohen with plans filed June 20, 2018 and permitted January 27, 2020.
The deal closed on April 30, 2025 and was recorded on May 16, 2025. The property has 5,724 square feet of built space and 4,275 square feet of additional air rights for a total buildable of 10,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,048 and the price per buildable square foot is $600 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 seller bought the property on March 26, 2018, for $3.6 million. The signatory for Yehuda Cohen was William J. Turkish . The signatory for Investmates was Jakov Telyas . The contract date was March 11, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Investmates had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yehuda Cohen had not purchased any other properties and sold seven properties in six transactions for a total of $18.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Yehuda Cohen, head officer and Yisroel Kanar, agent. The business entities are 820 Classon Management Llc and 820 Classon Management Llc.

The property

The residential walkup building with 7 residential units in Crown Heights has 5,724 square feet of built space and 4,275 square feet of additional air rights for a total buildable of 10,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $1.5 million. The property has 7 rent regulated units according to city tax records from 2020.

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 $600 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 12 of the 25 commercial properties representing 212,861 square feet of the 270,788 square feet. The largest owner is Fbe Limited, followed by Isaac Stern and then Mhany Management.
On the tax block, there were three new building construction projects totaling 45,464 square feet. The largest is a 34-unit, 24,225 square-foot residential (R-2) building submitted by Ahron Gluck and filed by Ahron Gluck with plans filed March 29, 2022 and it has not been permitted yet. The second largest is a 30-unit, 15,440 square-foot residential (R-2) building submitted by Ahron Gluck and filed by Ahron Gluck with plans filed May 11, 2022 and it has not been permitted yet.

The majority, or 65 percent of the 270,788 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Yehuda Cohen owned at least 39 commercial properties with 240 residential units in New York City with 217,596 square feet and a city-determined market value of $41.2 million. (Market value is typically about 50% of actual value.) The portfolio has $18.4 million in debt, with top three lenders as JPMorgan Chase, Spencer Savings Bank, and Yehuda Cohen respectively. Within the portfolio, the bulk, or 69 percent of the 217,596 square feet of built space are walkup properties, with industrial properties next occupying 18 percent of the space. The bulk, or 73 percent of the built space, is in Brooklyn, with Bronx next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Investmates owned at least one commercial property in New York City with 4,290 square feet and a city-determined market value of $461,000. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from S3 Capital. The portfolio consists of at least a single M1 property. It is located in Brooklyn.

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