REDA Holdings pays $19.3M for rentals in Greenwich Village, Bed-Stuy

REDA Holdings paid $19.3 million to Solomon Builders for two rental buildings in two separate transactions, one in Greenwich Village and another in Bedford-Stuyvesant.

In the larger, REDA Holdings through the entity Reda 10 Fifth LLC paid $15 million to Solomon Builders through the entity Benchmark 10 L.P. for the 14-unit rental (C7) at 10 Fifth Avenue in Greenwich Village, Manhattan.
The deal closed on December 13, 2021 and was recorded on December 23, 2021.
The property has 12,648 square feet of built space and 15,846 square feet of additional air rights for a total buildable of 28,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,185 and the price per buildable square foot is $526 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 28, 2011, for $9.2 million.
The signatory for Solomon Builders was John Vogel. The signatory for REDA Holdings was Julien Kiguel.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $35,000.
John Vogel is the founder and CEO of Solomon Builders.
The former owners according to the Department of Housing Preservation and Development includes Jordan Vogel, head officer and Aaron Feldman, officer. The business entities are Benchmark Real Estate Group and Benchmark 10, Lp.

Within a 400-foot radius of 10 5th Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on January 27, 2021 for the $497,214.0 renovation of 0-square-foot R-2 building with 289 residential units at 11 Fifth Avenue.
Of those four items, three were loans above $5 million totaling $75.4 million. The most recent of the three was Estate of Asher Hiesiger which borrowed $9.5 million from Patriot Bank secured by the 46,137-square-foot, 50-unit rental (D9) on 24 West 9th Street on December 14, 2021.

Direct link to Acris document. link

In the second, REDA Holdings through the entity Reda 841 Dekalb LLC paid $4.3 million to Witnick Real Estate Partners through the entity 841 Dekalb Partners LLC for eight-unit rental (C1) at 841 Dekalb Avenue in Bed Stuy, Brooklyn.
The deal closed on December 2, 2021 and was recorded on December 23, 2021.
The property has 6,077 square feet of built space and 528 square feet of additional air rights for a total buildable of 6,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $715 and the price per buildable square foot is $659 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 August 11, 2016, for $1.5 million.
The signatory for Witnick Real Estate Partners was Ramiel Ben-Yehuda. The signatory for REDA Holdings was Julian Kiguel.
(321437398)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 8 residential units on January 31, 2019.
Ramiel Ben-Yehuda is the construction manager at Witnick Real Estate Partners.  Julian Kiguel is the director of REDA Holdings.
The former owner according to the Department of Housing Preservation and Development is Ramiel Ben-Yehuda, head officer. The business entity is 841 Dekalb Partners Llc.

Within a 400-foot radius of 841 Dekalb Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was in new building development. It was a new building permit issued on December 7, 2021 for a 27,703-square-foot R-2 building with 39 residential units at 825 Dekalb Avenue.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 31, 2020 for the $547,160 renovation of 5,628-square-foot R-2 building with eight residential units at 849 Dekalb Avenue.
Of those eight items, six were loans above $5 million totaling $70.6 million. The most recent of the six was Clairmont Group which borrowed $19.6 million from New York Community Bank secured by the 10,490-square-foot, eight-unit rental (C1) on 226 Pulaski Street and eight other properties on October 27, 2021.

Direct link to Acris document. link