Investor pays $6.5M to Moses Fried estate for 40-room hotel in Bay Ridge

The entity E 93 Realty LLC paid $6.5 million to the Moses Fried estate, Babbitt Mindy Elmann, and Bernice Fried estate through the entity Bay Ridge Prince, LLC for the 40-room Prince Hotel (H6) at 315 93rd Street in Bay Ridge, Brooklyn.
The deal closed on January 4, 2023 and was recorded on January 12, 2023. The property has 17,880 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $363 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 Moses Fried estate, Babbitt Mindy Elmann, and Bernice Fried estate was Ann S. Slochowsky and Stephanie Kassin.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Moses Fried estate 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 Moses Fried, head officer and Mindy Ellman, officer. The business entity is Bay Ridge Prince Llc. The 17,880-square-foot property generated revenue of $1.1 million or $60 per square foot, according to the most recent income and expense figures.

The property

The 315 93rd Street parcel has frontage of 44 feet and is 110 feet deep with a total lot size of 6,300 square feet. The lot is irregular. The zoning is R4-1 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received five housing violations and $3,200 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Bay Ridge, the bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has 1.6 times the average sales volume among other neighborhoods with $570 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 271,062 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 18 commercial properties representing 31,054 square feet of the 226,761 square feet. The largest owner is Michael Calabrese, followed by Citizens Bank and then Antoni Cmielewski.
On the tax block, there were three new building construction projects totaling 12,973 square feet. The largest is a two-unit, 5,080-square-foot I-2 building developed by Abraham Fallah with plans filed June 15, 2020 and it has not been permitted yet.The second largest is a two-unit, 5,080-square-foot I-2 building developed by Abraham Fallah with plans filed June 30, 2020 and it has not been permitted yet.

The majority, or 40 percent of the 226,761 square feet of built space are walkup buildings, with elevator buildings next occupying 24 percent of the space.

Update: The article has been edited to remove the individual buyer’s name. 

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