Menachem Wilhelm pays $5.2M for 39-unit rental in East Flatbush

Menachem Wilhelm through the entity 916 Brooklyn LLC paid $5.2 million to Steve Tiamfook and Russell Evelyn for the 39-unit residential walkup building (C7) at 916 Brooklyn Avenue in East Flatbush, Brooklyn.
The deal closed on April 24, 2023 and was recorded on May 2, 2023. The property has 39,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $132 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 Steve Tiamfook and Russell Evelyn was Marissa Tiamfook Gee, Steve Tiamfook, and Russell Evelyn. The signatory for Menachem Wilhelm was Menachem Wilhelm. The sale was financed with a purchase money mortgage from the seller.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Menachem Wilhelm purchased four properties in four transactions for a total of $14 million and sold one property in one transaction for a total of $2.5 million over the past 24 months.
The seller Steve Tiamfook 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 Steve Tiamfook, head officer and Russell Evelyn, officer. The business entity is Trin Management. The 39,000-square-foot property generated revenue of $446,533 or $11 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 39 residential units in East Flatbush has 39,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 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 $875 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

There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 70,400 square feet of built space are walkup buildings, with mixed-use buildings next occupying 7 percent of the space.

The buyer

The PincusCo database currently indicates that Menachem Wilhelm owned at least three commercial properties with 45 residential units in New York City with 44,821 square feet. Within the portfolio, the bulk, or 90 percent of the 44,821 square feet of built space are walkup properties, with specialty properties next occupying 10 percent of the space. They are all located in Brooklyn.

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