Sara Lichtman, Yossel Lichtman pay $3M for 2-family in Greenpoint

Sara Lichtman and Yossel Lichtman through the entity 75 Calyer Realty LLC paid $3 million for the two-unit building (B9) at 75 Calyer Street in Greenpoint, Brooklyn.
The deal closed on November 20, 2023 and was recorded on November 28, 2023. The property has 4,762 square feet of built space and 122 square feet of additional air rights for a total buildable of 4,884 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $629 and the price per buildable square foot is $614 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 signatories for the sellers were Geraldine A. Cornthwait and Theresa B. Good. The signatory for Sara Lichtman and Yossel Lichtman was Sara Lichtman. The contract date was January 30, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sara Lichtman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Geraldine A. Cornthwait had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 2 residential units in Greenpoint has 4,762 square feet of built space and 122 square feet of additional air rights for a total buildable of 4,884 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,442 square feet. The zoning is M1-2/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.1 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 five of the six commercial properties representing 104,875 square feet of the 111,855 square feet. The largest owner is Rabsky Group, followed by Laura Elsasser-Vorhes and then H Holding Group.
On the tax block, there was one new building construction project filed totaling 9,998 square feet. It is a six-unit, 9,998 square-foot residential (R-2) building submitted by Shiraz Sanjana with plans filed January 30, 2018 and it has not been permitted yet.

The majority, or 79 percent of the 111,855 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

The buyer

The PincusCo database currently indicates that Yossel Lichtman owned at least 33 commercial properties with 238 residential units in New York City with 210,354 square feet and a city-determined market value of $42.4 million. (Market value is typically about 50% of actual value.) The portfolio has $101.3 million in debt, with top three lenders as Valley National Bank, Bank of Princeton, and Customers Bank respectively. Within the portfolio, the bulk, or 74 percent of the 210,354 square feet of built space are walkup properties, with elevator properties next occupying 11 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Queens next at 5 percent of the space.

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