Menachem Deutsch through the entity 974 Bedford Holdings LLC paid $4 million to Watermark Capital Group through the entity Zev Green LLC for the eight-unit residential walkup building (C1) at 974 Bedford Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on August 29, 2023 and was recorded on September 8, 2023. The property has 7,868 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $508 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 Watermark Capital Group was Wolfe Landau. The signatory for Menachem Deutsch was Menachem M. Deutsch. The contract date was January 1, 2022.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Menachem M. Deutsch purchased one property in one transaction for a total of $990,000 and has no record it sold any properties over the past 24 months.
The seller Watermark Capital Group purchased one property in two transactions for a total of $80 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Tom Rosenberg, head officer. The business entity is Zev Green Llc.
The residential walkup building with 8 residential units in Bedford Stuyvesant has 7,868 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 100 feet deep with a total lot size of 2,799 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 $1 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 one DOB violation in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On this tax block, PincusCo has identified the owners of three of the 20 commercial properties representing 27,937 square feet of the 105,553 square feet. The largest owner is Watermark Capital Group, followed by Isaac Broyn and then Impacct Housing Development Fund.
On the tax block, there were three new building construction projects totaling 47,517 square feet. The largest is a 33-unit, 22,993 square-foot residential (R-2) building submitted by Isaac Broyn with plans filed June 15, 2020 and it has not been permitted yet. The second largest is a 13-unit, 13,109 square-foot residential (R-2) building submitted by Isaac Broyn with plans filed August 12, 2020 and permitted September 17, 2021.
The majority, or 25 percent of the 105,553 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.
The PincusCo database currently indicates that Watermark Capital Group owned at least 118 commercial properties with 1,410 residential units in New York City with 1,203,009 square feet and a city-determined market value of $226.9 million. (Market value is typically about 50% of actual value.) The portfolio has $52.8 million in debt, borrowed from Signature Bank and Bridge City Funding. Within the portfolio, the bulk, or 69 percent of the 1,203,009 square feet of built space are walkup properties, with elevator properties next occupying 25 percent of the space. The bulk, or 93 percent of the built space, is in Brooklyn, with Queens next at 7 percent of the space.
The PincusCo database currently indicates that Menachem M. Deutsch owned at least one commercial property with eight residential units in New York City with 6,500 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
Direct link to Acris document. link