Nathan Obstfeld sells 8-unit walkup in Crown Heights for $2.7M

The entity 376 Montgomery Realty LLC paid $2.7 million to Nathan Obstfeld through the entity 376 PLG Holdings LLC for the eight-unit residential walkup building (C1) at 376 Montgomery Street in Crown Heights, Brooklyn. The expected use is cash flowing. The buyer could not be confirmed as of publication, but the buyer entity was located at the address frequently used by a major multifamily owner, Yossel Lichtman.
The deal closed on May 29, 2025 and was recorded on June 2, 2025. The property has 8,700 square feet of built space and 1,620 square feet of additional air rights for a total buildable of 10,320 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $310 and the price per buildable square foot is $261 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 June 19, 2018, for $1.6 million. The signatory for Nathan Obstfeld was the same individual, but signing with the name Nuchem Obstfeld. The contract date was December 6, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yossel Lichtman purchased one property in one transaction for a total of $3 million and sold two properties in two transactions for a total of $10.5 million over the past 24 months.
The seller Nathan Obstfeld purchased four properties in four transactions for a total of $34.8 million and sold one property in one transaction for a total of $6.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Nathan Obstfeld, head officer and Crescencio Cordova, site manager. The business entity is 376 Plg Holdings Llc.

The property

The residential walkup building with 8 residential units in Crown Heights has 8,700 square feet of built space and 1,620 square feet of additional air rights for a total buildable of 10,320 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 120 feet deep with a total lot size of 3,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million. The property has 8 rent regulated units according to city tax records from 2020.

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 $100 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 19 commercial properties representing 263,412 square feet of the 335,130 square feet. The largest owner is Gayle Family Of 124 New York, followed by Highpoint Property Group and then Moses Neuman.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 335,130 square feet of built space are walkup buildings, with retail buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Nathan Obstfeld owned at least one commercial property with 19 residential units in New York City with 13,040 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Yossel Lichtman owned at least 36 commercial properties with 475 residential units in New York City with 224,460 square feet and a city-determined market value of $48.9 million. (Market value is typically about 50% of actual value.) The portfolio has $146.3 million in debt, with top three lenders as Valley National Bank, Popular Bank, and Bank of Princeton respectively. Within the portfolio, the bulk, or 72 percent of the 224,460 square feet of built space are walkup properties, with elevator properties next occupying 11 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Queens next at 5 percent of the space.

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