Lev Wolkowicki buys bankrupt 80-unit rental in Flushing, borrows $6.1M

Lev Wolkowicki through the entity Sanford Realty Management LLC bought through a bankruptcy sale the 80-unit residential elevator building (D1) at 143-30 Sanford Avenue in Flushing, Queens. The expected use is cash flowing. The former owner was to Vincent Garofalo who placed the property in bankruptcy in 2023. The transfer price on the sale was $3.08 million, and at the same time Lev Wolkowicki obtained a $6.1 million loan from Hirshmark Capital.
The deal closed on January 14, 2025 and was recorded on January 17, 2025. The property has 59,231 square feet of built space and 6,820 square feet of additional air rights for a total buildable of 66,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $51 and the price per buildable square foot is $46 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 Vincent Garofalo was Lori Lapin Jones. The signatory for Lev Wolkowicki was Lev Wolkowicki. The contract date was November 8, 2024. The lender Hirshmark Capital won the bankruptcy auction with a credit bid of $3 million then assigned the property to the new owner, Lev Wolkowicki.
Vincent Garofalo filed for bankruptcy protection in the Eastern District of New York, index number 23-43812. Lori Lapin Jones is an attorney and chapter 7 trustee for the court. Lev Wolkowicki is identified as the sole member of the buyer entity, Sanford Realty Management LLC. Hirshmark originated an $8.75 million loan in 2018 with borrower Vincent Garofalo.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lev Wolkowicki had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vincent Garofalo had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Gerard Geisweller, head officer and Joel Spitzer, site manager. The business entity is 143-30 Sanford Ave Llc.

The property

The residential elevator building with 80 residential units in Flushing has 59,231 square feet of built space and 6,820 square feet of additional air rights for a total buildable of 66,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 141 feet deep with a total lot size of 22,000 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.8 million. The property has 80 rent regulated units according to city tax records from 2020.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on October 19, 2023, by Vincent Garofalo citing assets of $8.8 million. In addition, according to city public data, the property has received three DOB violations, 88 housing violations, $6,400 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 59,231 square feet of the 82,056 square feet. The identified owner is Lev Wolkowicki.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 82,056 square feet of built space are elevator buildings, with retail buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Lev Wolkowicki owned at least one commercial property with 80 residential units in New York City with 59,231 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) The portfolio has $6.1 million in debt, borrowed from Hirshmark Capital. The portfolio consists of at least a single elevator property. It is located in Queens.

Direct link to Acris document. link