Mendel Kaff pays $13M to Related Companies for two rentals in Soundview

Mendel Kaff paid $13 million to Related Companies for two rentals in Soundview in two separate transactions.

In the first, Kaff through the entity Wheeler Housing, LLC paid Related Companies’s NYSandy12 CBP9 LLC $9.3 million for 1050 Wheeler Avenue in Soundview. The deal closed on July 8, 2020, and was recorded on July 15, 2020. The transaction consists of 1 parcel, including the tax class garden apartments/mobile home park/trailer park (C9) and containing 60 residential units. The property is 66,000 square feet. The parcel(s) have total development potential of 97,200 square feet.
The sale price per unit is $155,000.

Seth Blau was the signatory for Related. The contract date was December 24, 2019. The last time the property sold was December 22, 2015, as part of a package of buildings, for $27 million.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $58,950.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Kaff through the entity Colgate Housing, LLC paid Related Companies’s NYSandy12 CBP9 LLC $3.7 million for 1085 Colgate Avenue in Soundview. The deal closed on July 8, 2020, and was recorded on July 15, 2020. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 24 residential units. The property is 26,400 square feet. The parcel(s) have total development potential of 38,643 square feet.
The sale price per unit is $154,167.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 24 residential units on September 16, 2013.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link