Morris Meisels pays $10M for 24-unit rental in Greenpoint

Morris Meisels through the entity Eagle BSD LLC paid $10 million to Shmuel Fruchter and Tomer Fruchter through the entity Best On Eagle, LLC for the 24-unit residential elevator building (D1) at 182 Eagle Street in Greenpoint, Brooklyn.
The deal closed on October 13, 2023 and was recorded on October 19, 2023. The property has 22,455 square feet of built space and 74 square feet of additional air rights for a total buildable of 22,497 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $445 and the price per buildable square foot is $444 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 Shmuel Fruchter and Tomer Fruchter was Tomer Fruchter. The signatory for Morris Meisels was Morris Meisels. The contract date was August 8, 2023. Morris Meisels is listed as manager of the buyer entity.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Morris Meisels purchased one property in one transaction for a total of $2.3 million and has no record it sold any properties over the past 24 months.
The seller Shmuel Fruchter had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Tomer Fruchter, head officer and Shana Fruchter, site manager. The business entity is Best On Eagle Llc.

The property

The residential elevator building with 24 residential units in Greenpoint has 22,455 square feet of built space and 74 square feet of additional air rights for a total buildable of 22,497 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,499 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2011 and expires in 2026. The city-designated market value for the property in 2022 is $7.9 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, $285,000 in ECB penalties, and $2,850 in OATH penalties 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 15 of the 16 commercial properties representing 213,867 square feet of the 221,367 square feet. The largest owner is Yidel Hirsch, followed by Tomer Fruchter and then Scott Kushnick.
On the tax block, there was one new building construction project filed totaling 73,848 square feet. It is a 90-unit, 73,848 square-foot residential (R-2) building submitted by Joel Weiss and filed by Joel Weiss with plans filed April 18, 2016 and permitted April 18, 2019.

The majority, or 63 percent of the 221,367 square feet of built space are elevator buildings, with walkup buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Tomer Fruchter owned at least one commercial property with 24 residential units in New York City with 22,455 square feet and a city-determined market value of $7.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Morris Meisels owned at least five commercial properties with three residential units in New York City with 18,685 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 18,685 square feet of built space are office properties, with industrial properties next occupying 19 percent of the space. They are all located in Brooklyn.

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