Partners Path pays $1.7M for 6-unit walkup in Ridgewood

Partners Path through the entity 17-13 Himrod Owner LLC paid $1.7 million to Eric Krantz through the entity 1713 Himrod LLC for the six-unit residential walkup building (C2) at 17-13 Himrod Street in Ridgewood, Queens.
The deal closed on March 1, 2023 and was recorded on March 17, 2023. The property has 5,175 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $325 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 October 13, 2015, for $1.8 million. The signatory for Eric Krantz was Eric Krantz. The signatory for Partners Path was Michael Kalt.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Partners Path purchased three properties in three transactions for a total of $8.9 million and has no record it sold any properties over the past 24 months.
The seller Eric Krantz had not purchased any other properties and sold one property in one transaction for a total of $1.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Eric Krantz, head officer and Nelson Colon, site manager. The business entity is 1713 Himrod LLC.

The property

The 17-13 Himrod Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $663,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 24 commercial properties representing 50,035 square feet of the 112,281 square feet. The largest owner is Vera Zeqiraj, followed by Ryan Parra and then Robert Cohen.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 112,281 square feet of built space are walkup buildings, with mixed-use buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Eric Krantz owned at least one commercial property in New York City with 4,500 square feet and a city-determined market value of $809,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Partners Path owned at least six commercial properties in New York City with 31,752 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 50 percent of the 31,752 square feet of built space are mixed-use properties, with walkup properties next occupying 50 percent of the space. They are all located in Brooklyn.

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