Sachdev family pays $7M for new 18-unit rental in Flatbush

Simran Sachdev and Suresh Kumar Sachdev through the entity Sach Cap 1915 LLC paid $7 million to the Parlanti Group through the entity 1915 Beverley LLC for a newly constructed 18-unit rental at 1915 Beverley Road in Flatbush, Brooklyn.
Rosario Parlanti of 726 Ocean Holdings LLC submitted a new building construction project for an 18-unit, 12,453 square-foot residential (R-2) building at 1915 Beverly Road in Flatbush, Brooklyn. The plan was filed with the New York City Department of Buildings on September 18, 2018 under job number 321837508 and was permitted on June 9, 2021. It calls for the construction of a six-story building. The building received its initial certificate of occupancy on September 13, 2023.
The sale closed on December 19, 2023 and was recorded on December 26, 2023.
The signatory for the Parlanti Group was Rosario Parlanti. The signatory for Suresh Kumar Sachdev was Simran Sachdev. The contract date was August 17, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Suresh Kumar Sachdev had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rosario Parlanti purchased two properties in two transactions for a total of $8 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Rosario Parlanti, head officer. The business entity is 1915 Beverley Llc.

The property

The parcel has frontage of 28 feet and is 100 feet deep with a total lot size of 3,193 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $549,000. The most recent loan totaled $5.7 million and was provided by S3 Capital on April 6, 2022.

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

For the tax lot building, There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Flatbush, The majority, or 54 percent of the 37.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 22 percent of the space. In sales, Flatbush has near average sales volume among other neighborhoods with $389.4 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Flatbush has 1.5 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Brooklyn. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 11 commercial properties representing 594,476 square feet of the 645,436 square feet. The largest owner is Sentinel Real Estate, followed by the Parlanti Group.
There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 645,436 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Parlanti Group owned at least 16 commercial properties with 735,829 square feet, 777 residential units and a city-determined market value of $56.8 million. (Market value is typically about 50% of actual value.) The portfolio has $6.1 million in debt, borrowed from Peapack-Gladstone Bank. Within the portfolio, the bulk, or 92 percent of the 735,829 square feet of built space are elevator properties, with walkup properties next occupying 8 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Suresh Kumar Sachdev owned at least five commercial properties with 220 residential units in New York City with 186,944 square feet and a city-determined market value of $19.7 million. (Market value is typically about 50% of actual value.) The portfolio has $39.2 million in debt, with top three lenders as Arbor Realty Trust, Sterling National Bank, and Santander Bank respectively. Within the portfolio, all identified are elevator properties. The bulk, or 65 percent of the built space, is in Bronx, with Manhattan next at 35 percent of the space.

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