Karpen, Strulovitch, Fridman pay $20M for dev site in East Flatbush

Shlomo Karpen, Norman Strulovitch, and Anshel Fridman through the entity 224 Clarkson LLC paid $20 million to Global Asset Properties, Mehrdad Kahan, and Said Makhany through the entity 3rd Avenue Retail Enterprises LLC for the development site at 224 Clarkson Avenue in East Flatbush, Brooklyn. The expected use is ground up development.
The deal closed on July 10, 2025 and was recorded on July 23, 2025. The property has 24,000 square feet of built space and 79,200 square feet of additional air rights for a total buildable of 103,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $833 and the price per buildable square foot is $193 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 Global Asset Properties , Mehrdad Kahan , and Said Makhany was Albert Rabizadeh , Mehrdad Kahan, and Said Makhany. The signatory for Shlomo Karpen , Norman Strulovitch , and Anshel Fridman was Shlomo Karpen. The contract date was March 7, 2025.

Ariel Property Advisors was marketing the parcel as a development site, but the listing was removed.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shlomo Karpen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Global Asset Properties had not purchased any other properties and sold one property in one transaction for a total of $7.5 million over the same time period. The 24,000-square-foot property generated revenue of $237,722 or $10 per square foot, according to the most recent income and expense figures.

The property

The industrial building in East Flatbush has 24,000 square feet of built space and 79,200 square feet of additional air rights for a total buildable of 103,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 200 feet deep with a total lot size of 30,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 million.

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 three DOB violations and $50 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 neighborhood

In East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.4 times the average sales volume among other neighborhoods with $377.1 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, East Flatbush has had very little major development activity relative to other neighborhoods.It had 812,739 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 14 of the 18 commercial properties representing 589,467 square feet of the 634,529 square feet. The largest owner is Greystone & Co., followed by Abraham Jeremias and then Barry Hers.
On the tax block, there was one new building construction project filed totaling 62,208 square feet. It is a 55-unit, 62,208 square-foot residential (R-2) building submitted by Eli Karp with plans filed November 16, 2011 and permitted August 20, 2015.

The majority, or 81 percent of the 634,529 square feet of built space are elevator buildings, with walkup buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Mehrdad Kahan owned at least seven commercial properties with 20 residential units in New York City with 61,235 square feet and a city-determined market value of $9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 61,235 square feet of built space are P9 properties, with walkup properties next occupying 21 percent of the space. The bulk, or 79 percent of the built space, is in Queens, with Brooklyn next at 21 percent of the space.
The PincusCo database currently indicates that Said Makhany owned at least three commercial properties with 14 residential units in New York City with 19,447 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 19,447 square feet of built space are retail properties, with walkup properties next occupying 44 percent of the space. The bulk, or 56 percent of the built space, is in Queens, with Brooklyn next at 44 percent of the space.
The PincusCo database currently indicates that Global Asset Properties owned at least two commercial properties in New York City with 23,339 square feet and a city-determined market value of $10.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are retail properties. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Shlomo Karpen owned at least 42 commercial properties with 574 residential units in New York City with 711,402 square feet and a city-determined market value of $110.3 million. (Market value is typically about 50% of actual value.) The portfolio has $310.8 million in debt, with top three lenders as Popular Bank, G4 Capital Partners, and Kearny Bank respectively. Within the portfolio, the bulk, or 37 percent of the 711,402 square feet of built space are elevator properties, with industrial properties next occupying 25 percent of the space. The bulk, or 87 percent of the built space, is in Brooklyn, with Queens next at 13 percent of the space.
The PincusCo database currently indicates that Anshel Fridman owned at least 12 commercial properties with 587 residential units in New York City with 424,652 square feet and a city-determined market value of $36.9 million. (Market value is typically about 50% of actual value.) The portfolio has $179.5 million in debt, with top three lenders as Kearny Bank, Arbor Realty Trust, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 38 percent of the 424,652 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 93 percent of the built space, is in Brooklyn, with Bronx next at 7 percent of the space.
The PincusCo database currently indicates that Norman Strulovitch owned at least five commercial properties with 55 residential units in New York City with 46,567 square feet and a city-determined market value of $11.4 million. (Market value is typically about 50% of actual value.) The portfolio has $18.3 million in debt, borrowed from Starwood Capital Group and Community Federal Savings Bank. Within the portfolio, the bulk, or 82 percent of the 46,567 square feet of built space are walkup properties, with C0 properties next occupying 9 percent of the space. They are all located in Brooklyn.

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