Mark Weinberger pays $20M for seven walkups in Sunset Park

Mark Weinberger through the entity Sunset Park 61 LLC paid $20 million to Paul Dalmazio, Jordan Hiller, Jason Hiller, Gary M. Krim, and Tanya Krim through the entity Eagl-Vi LLC for seven walkups including the 20-unit walkup (C1) at 450 61st Street, the 16-unit (C1) at 446 61st Street, and the 16-unit (C1) at 438 61st Street in Sunset Park, Brooklyn. The expected use is cash flowing.
The deal closed on August 30, 2024 and was recorded on September 13, 2024. The seven properties have 105,904 square feet of built space and 2,799 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $188 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 the sellers were Paul Dalmazio, Jordan Hiller, Jason Hiller, Gary M. Krim, and Tanya Krim. The signatory for Mark Weinberger was Mark Weinberger. The contract date was November 29, 2023. Paul Dalmazio owned 50% through three entities, Jordan Hiller owned 12.5%, Jason Hiller owned 12.5% and Gary M. Krim owned 25%.

Mark Weinberger financed the purchase with a $16.5 million acquisition loan from Greystone & Co.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mark Weinberger had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Paul Dalmazio 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 Paul Dalmazio, head officer and Sharon Smith, officer. The business entity is 61st Street Realty Assoc.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 50 housing violations and $680 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 the tax block of 445 61st Street, PincusCo has identified the owners of three of the 34 commercial properties representing 19,347 square feet of the 256,950 square feet. The largest owner is Li Lan Wu, followed by Po Chhan and then Maria Frias.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 256,950 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Paul Dalmazio owned at least six commercial properties with 151 residential units in New York City with 138,332 square feet and a city-determined market value of $11.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Mark Weinberger owned at least 26 commercial properties with 409 residential units in New York City with 310,689 square feet and a city-determined market value of $40.8 million. (Market value is typically about 50% of actual value.) The portfolio has $30.4 million in debt, borrowed from Arbor Realty Trust. Within the portfolio, the bulk, or 92 percent of the 310,689 square feet of built space are walkup properties, with elevator properties next occupying 8 percent of the space. They are all located in Brooklyn.

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