Meridian Properties pays $8.4M to Jacob Landau for residential elevator in Bay Ridge

Meridian Properties through the entity Metatlantic Realty Associates, Lp paid $8.4 million to Jacob Landau and Chaim Mendel Landau through the entity 7100 Ridge Boulevard, LLC for the 39-unit residential elevator building (D7) at 7100 Ridge Boulevard in Bay Ridge, Brooklyn.
The deal closed on September 16, 2022 and was recorded on September 28, 2022. The property has 47,285 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $177 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 24, 2018, for $2.3 million. The signatory for Jacob Landau and Chaim Mendel Landau was Jacob Landau and Chaim Mendel Landau. 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 $60.9 million and sold one properties in one transactions for a total of $6.4 million over the past 24 months.
The seller Jacob Landau purchased two properties in two transactions for a total of $1.4 million and sold one properties in one transactions for a total of $6.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jacob Landau, head officer and Zymer Berisha, site manager. The business entity is 7100 Ridge Blvd Llc. The 47,285-square-foot property generated revenue of $679,492 or $14 per square foot, according to the most recent income and expense figures.

The property

The 7100 Ridge Boulevard parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 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 two housing violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 29, 2018. 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.

All properties are elevator.

The seller

The PincusCo database currently indicates that Jacob Landau owned at least four commercial properties in New York City with 96,750 square feet and a city-determined market value of $5.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 47 percent of the 96,750 square feet of built space are elevator properties, with walkup properties next occupying 37 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Manhattan next at 37 percent of the space.

The buyer

The PincusCo database currently indicates that Meridian Properties owned at least 107 commercial properties in New York City with 3,479,023 square feet and a city-determined market value of $187.6 million. (Market value is typically about 50% of actual value.) The portfolio has $93.3 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 60 percent of the 3,479,023 square feet of built space are elevator properties, with walkup properties next occupying 40 percent of the space. They are all located in Brooklyn.

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