Menachem Wilhelm pays $7.5M for 72-unit garden complex in Graniteville, SI

Menachem Wilhelm through the entity Ziv Gardens LLC paid $7.5 million to David Weiss through the entity Bridgeview Associates for the 72-unit residential walkup building (C9) at 1290 Richmond Avenue in Graniteville, Staten Island.
The deal closed on June 8, 2022 and was recorded on July 15, 2022. The property has 66,285 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $113 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 David Weiss was David Weiss. The signatory for Menachem Wilhelm was Menachem Wilhelm.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Menachem Wilhelm purchased three properties in three transactions for a total of $6.5 million and has no record it sold any properties over the past 24 months.
The seller David Weiss purchased one properties in one transactions for a total of $20.2 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Weiss, head officer and Miklos Weiss, shareholder. The business entity is Bridgeview Associates. The 66,285-square-foot property generated revenue of $888,929 or $13 per square foot, according to the most recent income and expense figures.

The property

The 1290 Richmond Avenue parcel has frontage of 216 feet and is 343 feet deep with a total lot size of 112,237 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received four DOB violations and 11 housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

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

The majority, or 98 percent of the 67,393 square feet of built space are residential walkup buildings, with office buildings next occupying 2 percent of the space.

The seller

The PincusCo database currently indicates that David Weiss owned at least six commercial properties in New York City with 63,658 square feet and a city-determined market value of $10.7 million. (Market value is typically about 50% of actual value.) The portfolio has $23.4 million in debt, borrowed from Peapack-Gladstone Bank and Popular Bank. Within the portfolio, the bulk, or 63 percent of the 63,658 square feet of built space are elevator properties, with retail properties next occupying 19 percent of the space. The bulk, or 63 percent of the built space, is in Queens, with Brooklyn next at 37 percent of the space.

The buyer

The PincusCo database currently indicates that Menachem Wilhelm owned at least three commercial properties in New York City with 44,821 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) 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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