Partners Path pays $3.6M to Jacob Hager for 8-unit walkup in Bushwick

Partners Path through the entity 7 Ridgewood Owner LLC paid $3.6 million to Jacob Hager through the entity 7 Ridgewood Equities LLC for the eight-unit residential walkup building (C1) at 7 Ridgewood Place in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on December 23, 2024 and was recorded on January 8, 2025. The property has 6,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $595 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 24, 2018, for $3.2 million. The signatory for Jacob Hager was Jacob Hager. The signatory for Partners Path was Alex Lebowitz. The contract date was September 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Partners Path purchased eight properties in eight transactions for a total of $22.3 million and sold three properties in three transactions for a total of $13.1 million over the past 24 months.
The seller Jacob Hager had not purchased any other properties and sold two properties in two transactions for a total of $7.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jacob Hager, head officer and Naftali Hager, officer. The business entity is 7 Ridgewood Equities Llc.

The property

The residential walkup building with 8 residential units in Bushwick has 6,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 80 feet deep with a total lot size of 2,000 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 $1.2 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 received one DOB violation, one housing violation, and $300 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 seven commercial properties representing 20,706 square feet of the 131,841 square feet. The largest owner is Mattone Investors, followed by Danny Abrishamian and then Jacob Hager.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 131,841 square feet of built space are mixed-use buildings, with retail buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Jacob Hager owned at least 41 commercial properties with 1,225 residential units in New York City with 1,103,791 square feet and a city-determined market value of $100.5 million. (Market value is typically about 50% of actual value.) The portfolio has $37.1 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Capital One respectively. Within the portfolio, the bulk, or 59 percent of the 1,103,791 square feet of built space are walkup properties, with elevator properties next occupying 41 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Partners Path owned at least 12 commercial properties with 71 residential units in New York City with 62,290 square feet and a city-determined market value of $12.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 62,290 square feet of built space are walkup properties, with mixed-use properties next occupying 28 percent of the space. The bulk, or 67 percent of the built space, is in Brooklyn, with Queens next at 33 percent of the space.

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