MSquared pays $4.8M to Urban American for 117-unit rental in East Flatbush

MSquared through the entity 665 NYA Owner LLC paid $4.8 million to Urban American Management through the entity Kings & Queens Holdings, LLC for the 117-unit residential elevator building (D1) at 665 New York Avenue in East Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on March 31, 2025 and was recorded on April 9, 2025. The property has 92,934 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $51 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 10, 2007, for $12.2 million. The signatory for Urban American Management was Joshua Eisenberg . The contract date was March 31, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer MSquared purchased one property in one transaction for a total of $321.8 million and has no record it sold any properties over the past 24 months.
The seller Urban American Management purchased three properties in two transactions for a total of $330.1 million and sold one property in one transaction for a total of $321.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Antoinette Travaglino, head officer and Jana Schmidt, officer. The business entity is Kings And Queens Holding Llc.

The property

The residential elevator building with 117 residential units in East Flatbush has 92,934 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 212 feet and is 130 feet deep with a total lot size of 23,320 square feet. The lot is irregular. 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 $1.3 million. The property has 117 rent regulated units according to city tax records from 2023.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1.1 million judgment concerning a unsafe building filed on December 20, 2024, by City of New York against Madison International Realty and Urban American Management. In addition, according to city public data, the property has received seven DOB violations, $75,150 in ECB penalties, and $84,465 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, B00683860, for a 117-unit, 92,934 square-foot J-2 building. The project was submitted by Urban American Mangement and filed by Joshua Eisenberg with plans filed September 28, 2022 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 115,612 square feet of the 151,332 square feet. The two identified owners are Moshe M. Zlicha and Urban American Management.
On the tax block, there was one new building construction project filed totaling 4,540 square feet. It is a seven-unit, 4,540 square-foot residential (R-2) building submitted by Shabse Fuchs with plans filed May 27, 2022 and permitted April 28, 2023.

The majority, or 76 percent of the 151,332 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Urban American Management owned at least 17 commercial properties with 1,036 residential units in New York City with 785,090 square feet and a city-determined market value of $99 million. (Market value is typically about 50% of actual value.) The portfolio has $187.6 million in debt, with top three lenders as MetLife, New York Community Bank, and Spencer Savings Bank respectively. Within the portfolio, the bulk, or 73 percent of the 785,090 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. The bulk, or 37 percent of the built space, is in Queens, with Manhattan next at 33 percent of the space.

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