Meridian Properties pays $4.8M to Barberry for 33-unit rental in Prospect Lefferts Gardens

Meridian Properties through the entity Epsilon Maple 1G LLC paid $4.8 million to Barberry Rose Management Company through the entity Bsf 288-295 Maple Holding LLC for the 33-unit residential elevator building (D7) at 295 Maple Street in Prospect Lefferts Gardens, Brooklyn.
The deal closed on May 12, 2023 and was recorded on May 24, 2023. The property has 43,662 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $109 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 seller bought the property on August 29, 2016, for $2.3 million. The signatory for Barberry Rose Management Company was Lewis M. Barbanel. The signatory for Meridian Properties was Michael B. Niamonitakis.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Meridian Properties purchased nine properties in eight transactions for a total of $62.9 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 seven properties in six transactions for a total of $50.8 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 43,662-square-foot property generated revenue of $695,911 or $16 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 33 residential units in Prospect Lefferts Gardens has 43,662 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 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 $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 84 housing violations, $105 in OATH penalties, and one housing litigation 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 nine of the 24 commercial properties representing 87,438 square feet of the 170,192 square feet. The largest owner is Sugar Hill Capital Partners, followed by Solomon Schwimmer and then Joseph Tawil.
On the tax block, there were three new building construction projects totaling 25,605 square feet. The largest is a 17-unit, 13,200 square-foot residential (R-2) building submitted by Mike Mckany with plans filed December 19, 2014 and it has not been permitted yet. The second largest is a eight-unit, 6,211 square-foot residential (R-2) building submitted by Kfir Yosef with plans filed September 9, 2015 and it has not been permitted yet.

The majority, or 42 percent of the 170,192 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Barberry Rose Management Company owned at least 36 commercial properties with 1,122 residential units in New York City with 1,071,259 square feet and a city-determined market value of $79.4 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 58 percent of the 1,071,259 square feet of built space are walkup properties, with elevator properties next occupying 38 percent of the space. The bulk, or 58 percent of the built space, is in Manhattan, with Brooklyn next at 29 percent of the space.

The buyer

The PincusCo database currently indicates that Meridian Properties owned at least 107 commercial properties with 3,772 residential units in New York City with 3,588,635 square feet and a city-determined market value of $229.9 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 3,588,635 square feet of built space are elevator properties, with walkup properties next occupying 39 percent of the space. They are all located in Brooklyn.

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