REDA Holdings pays $7M to Benchmark for 10-unit walkup in Boerum Hill

REDA Holdings through the entity Reda Pacific LLC paid $7 million to Benchmark Real Estate Group through the entity Benchmark 222 LP for the 10-unit residential walkup building (C1) at 222 Pacific Street in Boerum Hill, Brooklyn.
The deal closed on December 13, 2023 and was recorded on January 3, 2024. The property has 8,420 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $831 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 June 27, 2017, for $5.8 million. The signatory for Benchmark Real Estate Group was Jordan Vogel. The signatory for REDA Holdings was Julian Kiguel. The contract date was August 23, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer REDA Holdings purchased five properties in five transactions for a total of $82.9 million and has no record it sold any properties over the past 24 months.
The seller Benchmark Real Estate Group purchased three properties in one transactions for a total of $26.9 million and sold six properties in six transactions for a total of $60.9 million over the same time period. 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 222 Lp and Benchmark 222 Lp.

The property

The residential walkup building with 10 residential units in Boerum Hill has 8,420 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,759 square feet. 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 $3.2 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 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 10 of the 16 commercial properties representing 90,085 square feet of the 125,990 square feet. The largest owner is Paul S. Sayegh Trust, followed by Matthew Rashid and then Madeline Trezza.
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 125,990 square feet of built space are mixed-use buildings, with retail buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Benchmark Real Estate Group owned at least 11 commercial properties with 346 residential units in New York City with 245,930 square feet and a city-determined market value of $93.6 million. (Market value is typically about 50% of actual value.) The portfolio has $117.2 million in debt, with top three lenders as Signature Bank, MetLife, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 71 percent of the 245,930 square feet of built space are elevator properties, with walkup properties next occupying 22 percent of the space. The bulk, or 75 percent of the built space, is in Manhattan, with Brooklyn next at 25 percent of the space.

The buyer

The PincusCo database currently indicates that REDA Holdings owned at least 10 commercial properties with 157 residential units in New York City with 172,411 square feet and a city-determined market value of $65.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 69 percent of the 172,411 square feet of built space are elevator properties, with walkup properties next occupying 21 percent of the space. The bulk, or 57 percent of the built space, is in Manhattan, with Brooklyn next at 43 percent of the space.

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