Salomon Cojab pays $12.1M for pre-foreclosure 12-unit building in Fort Greene

232 Adelphi Street (Credit - Google)
Salomon Cojab through the entity 232 Adelphi Realty Co LLC paid $12.1 million to Serabjit Singh Malhotra through the entity Beards Of Delaware LLC for the 12-unit rental building at 232 Adelphi Street in Fort Greene, Brooklyn. The former lender had filed a pre-foreclosure action in 2022, but the sale occurred before an auction was scheduled. The building is a former church.
The deal closed on February 1, 2024 and was recorded on February 7, 2024.
The signatory for Serabjit Singh Malhotra was Serabjit Singh Malhotra. The signatory for Salomon Cojab was Salomon Cojab. The contract date was October 30, 2023.
Case 528366/2022 LINK
Valley National Bank filed a complaint against Serabjit Singh Malhotra and the entity Beards of Delaware LLC, seeking to foreclose on a loan with an original principal of $9.25 million secured by the 12-unit rental buildings at 232 Adelphi Street in Fort Greene, Brooklyn. The borrower obtained the loan on January 8, 2018.
To finance the purchase, Cojab borrowed $9.75 million from Israel Discount Bank.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Salomon Cojab had purchased any other properties and sold one property in one transaction for a total of $12.4 million over the past 24 months.
The seller Serabjit Singh Malhotra 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 Serabjit Singh, head officer and Hector Garcia, site manager. The business entities are Management Group Of Brooklyn Llc and Beards Of Delaware Llc.
Violations and lawsuits
The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $9.2 million commercial foreclosure concerning a loan filed on September 29, 2022, by Valley National Bank against Serabjit Singh Malhotra. In addition, according to city public data, the property has received one DOB violation in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on April 13, 2015. 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 Fort Greene, The bulk, or 34 percent of the 12.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 23 percent of the space. In sales, Fort Greene has 1.9 times the average sales volume among other neighborhoods with $565.7 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Fort Greene has 1.6 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 2,603 square feet of the 30,545 square feet. The identified owner is Edgewalker.
There are no active new building construction projects on this tax block.
The seller
The PincusCo database currently indicates that Serabjit Singh Malhotra owned at least one commercial property in New York City with 29,250 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single M1 property. It is located in Brooklyn.
The buyer
The PincusCo database currently indicates that Salomon Cojab owned at least one commercial property with nine residential units in New York City with 9,105 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 walkup property. It is located in Manhattan.
Direct link to Acris document. link