Jacob Lang pays $1.4M to Alchemy Ventures for residential walkup in Crown Heights

Jacob Lang through the entity Rebbes Bracha LLC paid $1.4 million to Alchemy Ventures through the entity 255 Troy Avenue LLC for five-unit residential walkup building (C2) at 255 Troy Avenue in Crown Heights, Brooklyn.
The deal closed on October 3, 2022 and was recorded on October 11, 2022. The property has 3,300 square feet of built space and 1,032 square feet of additional air rights for a total buildable of 4,325 square feet according to PincusCo analysis of city data. The sale price per built square foot is $437 and the price per buildable square foot is $334 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 February 28, 2014, for $795,000. The signatory for Alchemy Ventures was Samuel Kooris. The signatory for Jacob Lang was Jacob Lang. The debt was as high as $1.2 million in August 2015.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jacob Lang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alchemy Ventures purchased 32 properties in 30 transactions for a total of $138.3 million and sold two properties in two transactions for a total of $7.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Alex Horn, head officer and Alexander Horn, agent. The business entities are Inwick Partners Llc and 255 Troy Avenue Llc. The 3,300-square-foot property generated revenue of $62,238 or $19 per square foot, according to the most recent income and expense figures.

The property

The 255 Troy Avenue parcel has frontage of 20 feet and is 89 feet deep with a total lot size of 1,780 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $593,000.

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 $4,500 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 24 of the 40 commercial properties representing 265,895 square feet of the 344,197 square feet. The largest owner is Robert Rosenberg, followed by Local Development Corporation of Crown Heights and then Monica Chin.
There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 344,197 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Alchemy Ventures owned at least 46 commercial properties in New York City with 395,084 square feet and a city-determined market value of $101.7 million. (Market value is typically about 50% of actual value.) The portfolio has $90.4 million in debt, with top three lenders as Fortress Investment Group, Signature Bank, and Citibank respectively. Within the portfolio, the bulk, or 84 percent of the 395,084 square feet of built space are walkup properties, with mixed-use properties next occupying 16 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Manhattan next at 30 percent of the space.

The buyer

The PincusCo database currently indicates that Jacob Lang owned at least three commercial properties in New York City with 17,670 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 81 percent of the 17,670 square feet of built space are walkup properties, with mixed-use properties next occupying 19 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link