John Schreiber pays $3M to Delshah for 8-unit walkup in Bedford Stuyvesant

John Schreiber through the entity Midhattan Realty Corp. paid $3 million to Delshah Capital through the entity Ds Brooklyn Portfolio Owner LLC for eight-unit residential walkup building (C1) at 308 Kosciuszko Street in Bedford Stuyvesant, Brooklyn.
The deal closed on February 1, 2023 and was recorded on February 22, 2023. The property has 7,800 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $386 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 September 21, 2018, for $3.6 million. The signatory for Delshah Capital was Michael Shah. The signatory for John Schreiber was John Schreiber.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer John Schreiber had purchased any other properties and sold one property in one transaction for a total of $3.5 million over the past 24 months.
The seller Delshah Capital purchased seven properties in four transactions for a total of $107.3 million and sold 35 properties in eight transactions for a total of $63.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Shah, head officer and Arnaldo Alvarado, agent. The business entities are Ds Brooklyn Portfolio Owner Llc and Ds Brooklyn Portfolio Owner Llc. The 7,800-square-foot property generated revenue of $147,108 or $19 per square foot, according to the most recent income and expense figures.

The property

The 308 Kosciuszko Street parcel has frontage of 32 feet and is 75 feet deep with a total lot size of 2,400 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $786,000.The most recent loan totaled $70 million and was provided by Signature Bank on October 20, 2022.

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 $600 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 five of the six commercial properties representing 263,264 square feet of the 272,254 square feet. The largest owner is Shahla Tashkhisi, followed by L+M Development Partners and then Delshah Capital.
There are no active new building construction projects on this tax block.

The majority, or 84 percent of the 263,264 square feet of built space are specialty buildings, with walkup buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Delshah Capital owned at least 45 commercial properties in New York City with 757,779 square feet and a city-determined market value of $172.4 million. (Market value is typically about 50% of actual value.) The portfolio has $346.7 million in debt, with top three lenders as Arbor Realty Trust, Signature Bank, and Customers Bank respectively. Within the portfolio, the bulk, or 43 percent of the 757,779 square feet of built space are walkup properties, with elevator properties next occupying 39 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Brooklyn next at 40 percent of the space.

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