Nathan Obstfeld pays Related $5.2M for 25-unit walkup in Williamsburg, was $18M in 2016

UPDATED 9:37 a.m., November 22, 2024: Nathan Obstfeld through the entity 181 Havemeyer LLC paid $5.2 million to Related Companies through the entity Nysandy14 Williamsburg 1 LLC for the 25-unit residential walkup building (C7) at 181 Havemeyer Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on November 13, 2024 and was recorded on November 21, 2024. The property has 19,890 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $263 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 July 14, 2016, for $18 million. The signatory for Related Companies was Matthew Becker. The signatory for Nathan Obstfeld was Stephen Siminou. The contract date was July 9, 2024. Nathan Obstfeld is also known by the name Nuchem Obstfeld.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Nathan Obstfeld purchased seven properties in six transactions for a total of $58.9 million and sold one property in one transaction for a total of $13.5 million over the past 24 months.
The seller Related Companies purchased six properties in four transactions for a total of $649.3 million and sold 22 properties in 21 transactions for a total of $900.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Natasha Davis, site manager. The business entity is Nysandy 8 Brooklyn 1 Llc.

The property

The residential walkup building with 25 residential units in Williamsburg has 19,890 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 39 feet and is 95 feet deep with a total lot size of 3,705 square feet. 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 $4.9 million. The most recent loan totaled 0.0 and was provided by Related Companies on December 15, 2023. The property has 9 rent regulated units according to city tax records from 2023.

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 and $1,150 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 three of the five commercial properties representing 43,125 square feet of the 66,525 square feet. The largest owner is Related Companies, followed by Galapo and then Kraus Organization.
There are no active new building construction projects on this tax block.

The majority, or 35 percent of the 66,525 square feet of built space are specialty buildings, with walkup buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Related Companies owned at least 171 commercial properties with 9,498 residential units in New York City with 21,651,917 square feet and a city-determined market value of $6.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.2 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Bank of America respectively. Within the portfolio, the bulk, or 44 percent of the 21,651,917 square feet of built space are elevator properties, with office properties next occupying 32 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Bronx next at 23 percent of the space.

The buyer

The PincusCo database currently indicates that Nathan Obstfeld owned at least 13 commercial properties with 320 residential units in New York City with 304,594 square feet and a city-determined market value of $44.6 million. (Market value is typically about 50% of actual value.) The portfolio has $56.4 million in debt, with top three lenders as Signature Bank, Customers Bank, and Hakimian Partners respectively. Within the portfolio, the bulk, or 64 percent of the 304,594 square feet of built space are walkup properties, with elevator properties next occupying 34 percent of the space. The bulk, or 69 percent of the built space, is in Brooklyn, with Bronx next at 18 percent of the space.
UPDATED with the Nathan Obstfeld in place of Nuchem Obstfeld.

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