Meridian Properties through the entity Epsilon Maple 1G LLC paid $4.3 million to Barberry Rose Management Company through the entity BSF 288-295 Maple Holding LLC for the 36-unit residential elevator building (D1) at 288 Maple Street in Prospect Lefferts Gardens, Brooklyn.
The deal closed on May 12, 2023 and was recorded on May 26, 2023. The property has 30,960 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $138 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 Barberry Rose Management Company was Lewis M. Barbanel. The signatory for Meridian Properties was Michael Niamonitakis.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Meridian Properties purchased 10 properties in nine transactions for a total of $67.7 million and sold one property in one transactions for a total of $6.4 million over the past 24 months.
The seller Barberry Rose Management Company had not purchased any other properties and sold eight properties in seven transactions for a total of $55.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Lewis Barbanel, head officer and Robert Silverman, officer. The business entities are Barberry Rose Management Co. Inc. and Bsf 288-295 Maple Holding Llc. The 30,960-square-foot property generated revenue of $333,032 or $11 per square foot, according to the most recent income and expense figures.
The residential elevator building with 36 residential units in Prospect Lefferts Gardens has 30,960 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 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 and nine housing violations 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 26 commercial properties representing 46,660 square feet of the 178,563 square feet. The largest owner is Roland Cartwright Living Trust, followed by Boruch Okounev and then Barberry Rose Management Company.
On the tax block, there were two new building construction projects totaling 11,000 square feet. The largest is a eight-unit, 6,600 square-foot residential (R-2) building submitted by Nigel Boyden with plans filed March 20, 2018 and permitted March 22, 2019. The second largest is a six-unit, 4,400 square-foot residential (R-2) building submitted by David Mosseri with plans filed June 3, 2016 and it has not been permitted yet.
The majority, or 54 percent of the 178,563 square feet of built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space.
The PincusCo database currently indicates that Barberry Rose Management Company owned at least 35 commercial properties with 1,089 residential units in New York City with 1,027,597 square feet and a city-determined market value of $76.5 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Principal Life Insurance Company. Within the portfolio, the bulk, or 60 percent of the 1,027,597 square feet of built space are walkup properties, with elevator properties next occupying 35 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Brooklyn next at 26 percent of the space.
The PincusCo database currently indicates that Meridian Properties owned at least 108 commercial properties with 3,805 residential units in New York City with 3,632,297 square feet and a city-determined market value of $232.9 million. (Market value is typically about 50% of actual value.) The portfolio has $116 million in debt, with top three lenders as Signature Bank, Dime Community Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 61 percent of the 3,632,297 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. They are all located in Brooklyn.
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