Partners Path pays $4.2M to Marcel Fridman for 2 walkups in Bushwick

Partners Path paid $4.2 million to Marcel Fridman for two residential walkups, 1348 Willoughby Avenue and 329 Menahan Street in Bushwick, Brooklyn, in separate transactions.

In the first, Partners Path through the entity 1348 Willoughby Owner LLC paid $2.1 million to Marcel Fridman through the entity 886 Frank Ave LLC for the six-unit residential walkup building (C2) at 1348 Willoughby Avenue in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on December 26, 2024 and was recorded on January 3, 2025. The property has 4,725 square feet of built space and 1,350 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $455 and the price per buildable square foot is $353 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 November 17, 2015, for $1.6 million.

In the second, Partners Path through the entity 329 Menahan Owner LLC paid $2.1 million to Marcel Fridman through the entity 329 Menahan Street LLC for the six-unit residential walkup building (C2) at 329 Menahan Street in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on December 26, 2024 and was recorded on January 3, 2025. The property has 4,875 square feet of built space and 1,200 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $435 and the price per buildable square foot is $349 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 May 23, 2013, for $560,000.

The signatory for Marcel Fridman was Marcel Fridman. The signatory for Partners Path was Alex Lebowitz. The contract date was October 2, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Partners Path purchased six properties in six transactions for a total of $18 million and sold three properties in three transactions for a total of $13.1 million over the past 24 months.
The seller Marcel Fridman purchased two properties in two transactions for a total of $4.5 million and sold one property in one transaction for a total of $3 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Serge Rosenberg, head officer. The business entity is 886 Frank Ave Llc.

The property

The residential walkup building with 6 residential units in Bushwick has 4,725 square feet of built space and 1,350 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $943,000.

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

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 23 of the 35 commercial properties representing 108,900 square feet of the 166,200 square feet. The largest owner is Solomon Jacobowitz, followed by Riseboro Community Partnership and then Andrew Landesman.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 166,200 square feet of built space are walkup buildings, with mixed-use buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that Marcel Fridman owned at least two commercial properties with eight residential units in New York City with 9,184 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 71 percent of the 9,184 square feet of built space are walkup properties, with mixed-use properties next occupying 29 percent of the space. The bulk, or 71 percent of the built space, is in Brooklyn, with Manhattan next at 29 percent of the space.

The buyer

The PincusCo database currently indicates that Partners Path owned at least 10 commercial properties with 59 residential units in New York City with 52,690 square feet and a city-determined market value of $10.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 67 percent of the 52,690 square feet of built space are walkup properties, with mixed-use properties next occupying 33 percent of the space. The bulk, or 61 percent of the built space, is in Brooklyn, with Queens next at 39 percent of the space.

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