Ranjit Kumble pays $2.4M to East Group Capital for 3-family in Bedford Stuyvesant

Ranjit Kumble through the entity 15 Roebling Street 1b, LLC paid $2.4 million to East Group Capital through the entity 341 Tompkins Realty LLC for the three-unit building (C0) at 341 Tompkins Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on September 8, 2023 and was recorded on September 26, 2023. The property has 3,487 square feet of built space and 1,287 square feet of additional air rights for a total buildable of 4,767 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $673 and the price per buildable square foot is $492 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 24, 2020, for $1.2 million. The signatory for East Group Capital was Itay Gamlieli. The contract date was May 15, 2023. The buyer was identified as Ranjit Kumble based on the entity that has the signatory Ranjit Kumble and the buyer entity address.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ranjit Kumble had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller East Group Capital purchased five properties in five transactions for a total of $17.6 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 Ofir Badash, head officer and Scot Hirschfield, agent. The business entities are General Property Management and 341 Tompkins Realty Llc.

The property

The building with 3 residential units in Bedford Stuyvesant has 3,487 square feet of built space and 1,287 square feet of additional air rights for a total buildable of 4,767 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 80 feet deep with a total lot size of 1,589 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 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 $550 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 13 of the 25 commercial properties representing 156,193 square feet of the 210,866 square feet. The largest owner is Willie Wren Sr, followed by Tal Shlomi and then Mary Jane Charles.
On the tax block, there were two new building construction projects totaling 23,659 square feet. The largest is a 28-unit, 18,893 square-foot residential (R-2) building submitted by Yisroel Greenfeld with plans filed April 29, 2020 and it has not been permitted yet. The second largest is a two-unit, 4,766 square-foot business (B) building submitted by Koptiev Uri with plans filed June 11, 2019 and it has not been permitted yet.

The majority, or 62 percent of the 210,866 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that East Group Capital owned at least six commercial properties with 69 residential units in New York City with 46,763 square feet and a city-determined market value of $13.7 million. (Market value is typically about 50% of actual value.) The portfolio has $27.5 million in debt, with top three lenders as Bayport Funding, Bayport, and Axos Bank respectively. Within the portfolio, the bulk, or 83 percent of the 46,763 square feet of built space are walkup properties, with mixed-use properties next occupying 17 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Brooklyn next at 29 percent of the space.

The buyer

The PincusCo database currently indicates that Ranjit Kumble owned at least one commercial property with three residential units in New York City with 4,400 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C0 property. It is located in Brooklyn.

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