Jack Bick of Charatan Realty pays $9.8M to Solow Realty for two rentals with 112 units in Bayswater

Jack Bick of Charatan Realty paid $9.8 million to Solow Realty for two rental buildings with a total of 112 units in Bayswater, Queens in two separate transactions.

In the first, Jack Bick of Charatan Realty through the entity JB Hartman LLC paid $5.8 million to Solow Realty & Development through the entity Bayswater Terrace Corp. for 72-unit residential walkup building (C9) at 10-01 Hartman Lane in Bayswater, Queens.
The deal closed on March 3, 2023 and was recorded on March 16, 2023. The property has 55,218 square feet of built space according to PincusCo analysis of city data. The sale price per built 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 Solow Realty & Development was Steven Weymouth. The signatory for Charatan Realty was Jack Bick.

In the second, Charatan Realty through the entity JB Healy LLC paid $4 million to Solow Realty & Development through the entity Harbour House, Inc for 40-unit residential walkup building (C1) at 31-41 Healy Avenue in Bayswater, Queens. The deal closed on March 3, 2023 and was recorded on March 16, 2023.The property has 43,500 square feet of built space and 9,100 square feet of additional air rights for a total buildable of 52,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $91 and the price per buildable square foot is $76 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.)

Solow Realty under the ownership of Stefan Soloviev, son of company founder Sheldon Solow, has sold billions in property in the past year.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Charatan Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Solow Realty & Development had not purchased any other properties and sold seven properties in four transactions for a total of $1.2 billion over the same time period. The former owners according to the Department of Housing Preservation and Development includes Anthony Calicchio, head officer and Halil Ljesnjanin, officer. The business entity is Bayswater Terrace Corp. The 55,218-square-foot property generated revenue of $1.2 million or $22 per square foot, according to the most recent income and expense figures.

The property

The 10-01 Hartman Lane parcel has frontage of 399 feet and is 207 feet deep with a total lot size of 81,400 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received 25 housing violations, $375 in OATH penalties, and two housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 55,218 square feet on the block.The identified owner is Anthony Calicchio.
there are no active new building construction projects on this tax block.

all properties are walkup.

The seller

The PincusCo database currently indicates that Solow Realty & Development owned at least four commercial properties in New York City with 2,428,474 square feet and a city-determined market value of $1.4 billion. (Market value is typically about 50% of actual value.) The portfolio has $209.3 million in debt, borrowed from Walker & Dunlop. Within the portfolio, the bulk, or 70 percent of the 2,428,474 square feet of built space are office properties, with elevator properties next occupying 29 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Charatan Realty owned at least one commercial property in New York City with 66,978 square feet and a city-determined market value of $4.7 million. (Market value is typically about 50% of actual value.) The portfolio has $8.2 million in debt, borrowed from Signature Bank. The portfolio consists of at least a single industrial property. It is located in Queens.

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