EBK Management pays $10.8M to Center Street Capital for 10-unit elevator building in Williamsburg

The entity EBK Management LLC paid $10.8 million to Center Street Capital through the entity 583 Lorimer LLC for 10-unit residential elevator building at 583 Lorimer Street in Williamsburg, Brooklyn.
The deal closed on January 28, 2022 and was recorded on February 10, 2022.
The property has 8,619 square feet of built space and 1,375 square feet of additional air rights for a total buildable of 10,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,253 and the price per buildable square foot is $1,080 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 28, 2013, for $2.2 million.
The signatory for Center Street Capital was Daniel Cohen.
Prior to this transaction, the buyer purchased at least one property in one transaction for a total of $15.8 million and PincusCo does not have a record of selling any properties over the past 24 months.

(320887527)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 10 residential units on August 21, 2019.
Center Street Capital is located at the same address as seller LLC.
In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 33 percent of the 166,640 square feet of built space are mixed-use buildings, with residential walkup buildings next occupying 24 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Elazar Orlofsky, head officer and Mileaka Owens, agent. The business entities are Ebd Management Services, Llc and 583 Lorimer Llc.

Within a 400-foot radius of 583 Lorimer Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
One of those five items was a sale which Nuchem Obstfeld bought the 18,500-square-foot, 26-unit rental (C7) on 595 Metropolitan Avenue for $8.2 million from James Tenaglia on January 4, 2021.
Of those five items, four were loans above $5 million totaling $38.2 million. The most recent of the four was Blank Property Group which borrowed $15 million from Signature Bank secured by the 3,082-square-foot, four-unit four-family building (C3) on 614 Lorimer Street and eight other properties on January 4, 2022.
UPDATE: The post was updated with revised owner information.
Direct link to Acris document. link