Partners Path pays $8M to Eden Ashourzadeh, Alexander Kahen for two walkups in Brooklyn

UPDATED 7:09 a.m., May 12, 2023: Partners Path paid $8 million to Eden Ashourzadeh and Alexander Kahen for two walkups in Brooklyn in two separate transactions.
In the first, Partners Path through the entity 277 Humboldt Owner LLC paid $5.1 million to Eden Ashourzadeh and Alexander Kahen through the entity Avma Property Holdings LLC for the eight-unit residential walkup building (C1) at 277 Humboldt Street in Williamsburg, Brooklyn.
The deal closed on April 28, 2023 and was recorded on May 10, 2023. The property has 5,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $922 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 March 10, 2016, for $2.2 million. The signatory for Eden Ashourzadeh was Stephen Siminou. The signatory for Partners Path was Michael Kalt.

In the second, Partners Path through the entity 767 Hart Owner LLC paid $2.9 million to Eden Ashourzadeh and Alexander Kahen through the entity 1436 East Gun Partner LLC for the six-unit residential walkup building (C2) at 767 Hart Street in Bushwick, Brooklyn. The deal closed on April 28, 2023 and was recorded on May 10, 2023. The property has 4,875 square feet of built space and 1,199 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $594 and the price per buildable square foot is $477 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.)

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Partners Path purchased four properties in four transactions for a total of $10.5 million and has no record it sold any properties over the past 24 months.
The seller Eden Ashourzadeh purchased three properties in three transactions for a total of $8.2 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Eden Ashourzadeh, head officer and Alexander Kahen, shareholder. The business entity is Ink 277 Humboldt Llc. The 5,500-square-foot property generated revenue of $139,205 or $25 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 8 residential units in Williamsburg has 5,500 square feet of built space 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 2,499 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 $1.8 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 received $50 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 11 of the 19 commercial properties representing 104,401 square feet of the 149,967 square feet. The largest owner is Watermark Capital Group, followed by Robert Kaydanian and then Richard Dong.
On the tax block, there was one new building construction project filed totaling 10,504 square feet. It is a 10-unit, 10,504 square-foot residential (R-2) building submitted by Jeffrey Siegel with plans filed March 25, 2013 and permitted January 5, 2016.

The majority, or 43 percent of the 149,967 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Eden Ashourzadeh owned at least seven commercial properties with 38 residential units in New York City with 35,890 square feet and a city-determined market value of $9.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 82 percent of the 35,890 square feet of built space are walkup properties, with mixed-use properties next occupying 18 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Partners Path owned at least seven commercial properties with 40 residential units in New York City with 36,927 square feet and a city-determined market value of $9.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 36,927 square feet of built space are walkup properties, with mixed-use properties next occupying 43 percent of the space. The bulk, or 86 percent of the built space, is in Brooklyn, with Queens next at 14 percent of the space.
Update: The individual Alexander Kahen was added as an additional seller.

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