Nuchem Obstfeld pays $12.8M for 52-unit rental in Bushwick

Nuchem Obstfeld through the entity 70 Wyckoff A LLC paid $12.8 million to Alan Goldman through the entity 70 Wyckoff LLC for the 52-unit residential elevator building (D2) at 70 Wyckoff Avenue in Bushwick, Brooklyn.
The deal closed on May 7, 2024 and was recorded on May 10, 2024. The property has 62,075 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $205 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 Alan Goldman was Alan Goldman. The signatory for Nuchem Obstfeld was Nuchem Obstfeld. The contract date was December 19, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Nuchem Obstfeld purchased four properties in three transactions for a total of $29.4 million and sold one property in one transactions for a total of $13.5 million over the past 24 months.
The seller Alan Goldman had not purchased any other properties and sold one property in one transaction for a total of $6.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jorden Goldman, head officer and Alan Goldman, officer. The business entities are Langsam Prop. Ser. Corp. and 70 Wyckoff Llc.

The property

The residential elevator building with 52 residential units in Bushwick has 62,075 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 215 feet deep with a total lot size of 21,095 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $5.8 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial renovation certificate of occupancy on August 8, 2016. 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 three of the 12 commercial properties representing 72,575 square feet of the 121,700 square feet. The largest owner is Maria B. Galeano, followed by Ben Farzam and then Bargold Storage Systems.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 121,700 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Alan Goldman owned at least one commercial property with 52 residential units in New York City with 62,075 square feet and a city-determined market value of $5.8 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 Nuchem Obstfeld owned at least 10 commercial properties with 192 residential units in New York City with 170,869 square feet and a city-determined market value of $29.9 million. (Market value is typically about 50% of actual value.) The portfolio has $29 million in debt, borrowed from Signature Bank and New York Community Bank. Within the portfolio, the bulk, or 72 percent of the 170,869 square feet of built space are walkup properties, with elevator properties next occupying 23 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Bronx next at 32 percent of the space.

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