Robert Saffayeh pays $7.3M for 6-unit walkup in Brooklyn Heights

Robert Saffayeh through the entity Bk Heights Remsen Fund LP paid $7.3 million for the six-unit residential walkup building (C2) at 118 Remsen Street in Brooklyn Heights, Brooklyn.
The deal closed on June 2, 2023 and was recorded on June 16, 2023. The property has 8,411 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $873 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 April 4, 2007, for $4.1 million. The signatory for sellers Erich Paul Mauff and Adele Griffin Watson were Erich Paul Mauff and Adele Griffin Watson. The signatory for Robert Saffayeh was Robert Saffayeh.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Robert Saffayeh purchased two properties in one transaction for a total of $11.2 million and has no record it sold any properties over the past 24 months.
The seller Erich Paul Mauff had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Erich Mauff, individual owner and Drew Elliot, site manager.

The property

The residential walkup building with 6 residential units in Brooklyn Heights has 8,411 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 94 feet deep with a total lot size of 2,362 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $3.4 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 one housing violation and $600 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 11, 2013. 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 14 of the 15 commercial properties representing 207,272 square feet of the 207,272 square feet. The largest owner is Wilhelmina Parris Family Limited, followed by Steven Inker and then Solil Management.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 207,272 square feet of built space are elevator buildings, with walkup buildings next occupying 34 percent of the space.

The buyer

The PincusCo database currently indicates that Robert Saffayeh owned at least four commercial properties with two residential units in New York City with 44,011 square feet and a city-determined market value of $9.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5.3 million in debt, borrowed from Valley National Bank. Within the portfolio, the bulk, or 52 percent of the 44,011 square feet of built space are M1 properties, with M9 properties next occupying 23 percent of the space. They are all located in Brooklyn.

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