Phillip Miller in contract to buy 8-unit walkup from Wolfe Landau in Bed Stuy

Two major residential rental owners signed a sales contract. Phillip Miller through the entity 223 Troutman LLC as buyer signed the contract with Wolfe Landau through the entity Zev Green LLC as seller to sell the eight-unit residential walkup building at 974 Bedford Avenue in Bed Stuy, Brooklyn.
The contract was signed on January 5, 2022 and the memorandum of contract was recorded on January 24, 2022.
The property has 7,868 square feet of built space according to PincusCo analysis of city data.
The signatory for Wolfe Landau was Wolfe Landau. The signatory for Phillip Miller was Phillip Miller.

The memorandum of contract does not disclose a purchase price or closing date. The property is encumbered by a loan originated in 2013 for $1.4 million from Signature Bank.

In Bed Stuy, the bulk, or 38 percent of the 92.5 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Bed Stuy has 1.5 times the average sales volume among other neighborhoods with $417.3 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Bed Stuy is the 8th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were nine pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 48 percent of the 175,561 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 15 percent of the space.
The owner according to the Department of Housing Preservation and Development is Tom Rosenberg, head officer. The business entity is Zev Green Llc.
Within a 400-foot radius of 974 Bedford Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, three were in new building development. There were two new building permit applications and one new building permit. The most recent of these three items was a permit on September 17, 2021 for a 13,109-square-foot R-2 building with 13 residential units at 952 Bedford Avenue.
Of those eight items, four were for major renovation including a certificate of occupancy change. They were three permits with a total initial cost of $3.2 million and one initial temporary certificate of occupancy issuance for a project that initially costed $2.4 million. The most recent of these four items was the permit on November 30, 2021 for a 58,400-square-foot M building with 0 residential units at 500 Dekalb Avenue.
One of those eight items was a loan which Greenbrook Partners and Carlyle Group borrowed $65.6 million from Invesco Real Estate secured by the 4,391-square-foot, four-unit four-family building (C3) on 978 Bedford Avenue and 10 other properties on April 12, 2021.

Direct link to Acris document. link