Sharp Management sells 58-unit walkup in Prospect Heights for $4.9M

The entity Alp 347 Associates LLC (and others) in care of Gilman Management paid $4.9 million to Sharp Management through the entity 347 Lincoln Realty LLC for the 58-unit residential walkup building (C1) at 347 Lincoln Place in Prospect Heights, Brooklyn. The expected use is cash flowing.
The deal closed on September 18, 2025 and was recorded on October 22, 2025. The property has 48,272 square feet of built space and 21,700 square feet of additional air rights for a total buildable of 70,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $102 and the price per buildable square foot is $70 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 March 6, 2014, for $5.4 million. The signatory for Sharp Management was Martin Kirzner . The signatory for Gilman Management was David Koshers . The contract date was October 30, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Gilman Management purchased three properties in one transaction for a total of $5 million and has no record it sold any properties over the past 24 months.
The seller Sharp Management 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 Martin Kirzner, head officer and Ben Schwadel, site manager. The business entity is 347 Lincoln Realty Llc. The 48,272-square-foot property generated revenue of $656,058 or $14 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 58 residential units in Prospect Heights has 48,272 square feet of built space and 21,700 square feet of additional air rights for a total buildable of 70,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 100 feet deep with a total lot size of 17,500 square feet. 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 $3.4 million. The property has 27 rent regulated units according to city tax records from 2023.

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 $8,000 in ECB penalties, 152 housing violations, $8,300 in OATH penalties, and two housing litigations 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 16 of the 27 commercial properties representing 447,818 square feet of the 565,413 square feet. The largest owner is Larry Malitzky, followed by Hudson Companies and then Abj Properties.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 565,413 square feet of built space are walkup buildings, with elevator buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Sharp Management owned at least 61 commercial properties with 1,589 residential units in New York City with 1,389,661 square feet and a city-determined market value of $111.6 million. (Market value is typically about 50% of actual value.) The portfolio has $133.2 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Newpoint Real Estate Capital respectively. Within the portfolio, the bulk, or 67 percent of the 1,389,661 square feet of built space are walkup properties, with elevator properties next occupying 29 percent of the space. The bulk, or 60 percent of the built space, is in Bronx, with Brooklyn next at 21 percent of the space.

The buyer

The PincusCo database currently indicates that Gilman Management owned at least 49 commercial properties with 1,299 residential units in New York City with 1,043,095 square feet and a city-determined market value of $115.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 80 percent of the 1,043,095 square feet of built space are walkup properties, with elevator properties next occupying 19 percent of the space. The bulk, or 45 percent of the built space, is in Manhattan, with Brooklyn next at 37 percent of the space.

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