Menachem Wilhelm pays $3.6M for 42-unit walkup in Crown Heights

Menachem Wilhelm through the entity 394 Montgomery LLC paid $3.6 million to the entity Y.A. Mullings, Inc., for the 42-unit residential walkup building (C1) at 394 Montgomery Street in Crown Heights, Brooklyn. The expected use is cash flowing.
The deal closed on July 8, 2025 and was recorded on July 15, 2025. The property has 30,700 square feet of built space and 10,560 square feet of additional air rights for a total buildable of 41,280 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $117 and the price per buildable square foot is $87 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 former owner Yvonne A. Mullings was Harry Fournaris . The signatory for Menachem Wilhelm was Menachem Wilhelm. The contract date was June 16, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Menachem Wilhelm had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yvonne A. Mullings 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 Carrie Young, head officer and Dwight Dougall, agent. The business entities are Ya Mullings Inc and Ya Mullings Inc. The 30,700-square-foot property generated revenue of $638,513 or $21 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 42 residential units in Crown Heights has 30,700 square feet of built space and 10,560 square feet of additional air rights for a total buildable of 41,280 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 120 feet deep with a total lot size of 12,000 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 $2.9 million. The property has 43 rent regulated units according to city tax records from 2023.

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 12 housing violations and $4,200 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 16 of the 19 commercial properties representing 272,112 square feet of the 335,130 square feet. The largest owner is Gayle Family Of 124 New York, followed by Highpoint Property Group and then Moses Neuman.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 335,130 square feet of built space are walkup buildings, with retail buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Menachem Wilhelm owned at least 11 commercial properties with 261 residential units in New York City with 270,434 square feet and a city-determined market value of $15.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 98 percent of the 270,434 square feet of built space are walkup properties, with specialty properties next occupying 2 percent of the space. They are all located in Brooklyn.

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