Shalitsky, Berkowitz pay $4.5M for 566-unit walkup in Mt Eden

Abe Shalitsky and Mitchel Berkowitz through the entity 106-108 Marcy Realty LLC paid $4.5 million through a judicial foreclosure for the 56-unit residential walkup building (C1) at 106 Marcy Place in Mt Eden, Bronx. The expected use is cash flowing.
The deal closed on November 14, 2024 and was recorded on December 5, 2024. The property has 55,084 square feet of built space and 26,016 square feet of additional air rights for a total buildable of 81,149 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $81 and the price per buildable square foot is $55 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 signatory for the court was the referee, Barry Salman. The contract date was August 28, 2024. Traded NY reported Abe Shalitsky as the buyer.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Abe Shalitsky had purchased any other properties and has no record it sold any properties over the past 24 months.
The 55,084-square-foot property generated revenue of $806,430 or $15 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 56 residential units in Mt Eden has 55,084 square feet of built space and 26,016 square feet of additional air rights for a total buildable of 81,149 square feet according to a PincusCo analysis of city data. The parcel has frontage of 138 feet and is 95 feet deep with a total lot size of 13,480 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 million. The property has 57 rent regulated units according to city tax records from 2020.

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 four DOB violations, 65 housing violations, $150 in OATH penalties, and one housing litigation 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 seven of the 13 commercial properties representing 377,918 square feet of the 702,931 square feet. The largest owner is Kraus Organization, followed by Lemle & Wolff and then Steve Zervoudis.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 702,931 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

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