Shel Capital acquires from Coastline Apartment Investors six Brooklyn properties valued at $24.3M

Shel Capital through the entity Sterling Portfolio LLC took control at the valuation of $24.3 million from Coastline Apartment Investors through the entity Sterling Portfolio 189 LP the 16-unit rental (C1) at 805 Ocean Avenue in Flatbush, Brooklyn, the 20-unit rental (C1) at 442 Sterling Place in Prospect Heights, Brooklyn, the 24-unit rental (C1) at 191 Sterling Place in Prospect Heights, Brooklyn and other properties.
The deal closed on June 11, 2021 and was recorded on June 25, 2021.
The six properties have 70,378 square feet of built space and 0 square feet of additional air rights for a total buildable of 66,355 square feet according to PincusCo analysis of city data. The sale price per built square foot is $345 per the PincusCo analysis.
The signatory for Coastline Apartment Investors was Lori J. Casey. The signatory for Shel Capital was Rony Kravel.

Shel Capital bought the debt from lender Mesa West on May 26, 2021. The sale contract date was May 19, 2021. Coastline Apartment Investors bought the buildings in 2016 and added debt that totaled $32.5 million in 2017. The New York Attorney General executed a settlement with an affiliate of Coastline in October 2019 on an unrelated group of properties.
The former owners according to the Department of Housing Preservation and Development included Lori Casey, head officer and Jeffrey Hertz, officer. The business entities were New York City Management and Sterling Portfolio 743 Lp.
Within a 400-foot radius of 743 Washington Avenue, PincusCo identified one commercial real estate item of interest occurred over the past 24 months.
It was a new building permit issued on January 7, 2020 for a 36,015-square-foot residential (R-2) building with 25 residential units residential units at 484 Sterling Place.

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