JSAF Capital pays $4.2M for 19-unit rental in Flatbush

JSAF Capital through the entity Bedat Holding LLC paid $4.2 million to Loeffler family through the entity 1710 L.L.C. for the 19-unit residential elevator building (D1) at 1710 Newkirk Avenue in Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on April 17, 2026 and was recorded on April 28, 2026. The property has 17,213 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $244 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 Erica Loeffler and Antoinette Loeffler was Erica Loeffler. The signatory for JSAF Capital was Joseph Safdie . The contract date was March 2, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer JSAF Capital purchased three properties in three transactions for a total of $6.8 million and has no record it sold any properties over the past 24 months.
The seller Erica Loeffler had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Yidy Loffer, head officer. The business entity is 1710 Llc. The 17,213-square-foot property generated revenue of $237,785 or $14 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 19 residential units in Flatbush has 17,213 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 120 feet deep with a total lot size of 4,800 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2009 and expires in 2024. The city-designated market value for the property in 2022 is $854,000.

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 $200 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 13 commercial properties representing 108,538 square feet of the 125,407 square feet. The largest owner is Malek Management, followed by Deergrow Developments and then Shawn King.
On the tax block, there was one new building construction project filed totaling 10,176 square feet. It is a 15-unit, 10,176 square-foot residential (R-2) building submitted by Varobey Jeffry with plans filed April 23, 2020 and permitted August 8, 2023.

The majority, or 74 percent of the 125,407 square feet of built space are elevator buildings, with mixed-use buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Jsaf Capital owned at least nine commercial properties with 87 residential units in New York City with 59,561 square feet and a PincusCo-determined asset value of $35.7 million. Within the portfolio, the bulk, or 48 percent of the 59,561 square feet of built space are walkup properties, with elevator properties next occupying 27 percent of the space. The bulk, or 94 percent of the built space, is in Brooklyn, with Bronx next at 5 percent of the space.

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