Sheldon Lang pays $6.2M to East Coast Holdings, partner for 36-unit walkup in Kensington

Sheldon Lang through the entity Chai 18th Avenue LLC paid $6.2 million to East Coast Holdings and David Gottlieb through the entity 1039 Ocean Avenue Realty LLC for the 36-unit residential walkup building (C7) at 4219 18th Avenue in Kensington, Brooklyn. The expected use is cash flowing.
The deal closed on June 25, 2025 and was recorded on July 14, 2025. The property has 42,120 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $148 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 East Coast Holdings and David Gottlieb was Mark Mehlman and David Gottlieb. The signatory for Sheldon Lang was Sheldon Lang. The contract date was February 26, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sheldon Lang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller East Coast Holdings had not purchased any other properties and sold one property in one transaction for a total of $6.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Abe Peters, head officer and Mark Mehlman, officer. The business entity is East Coast Property Management Llc. The 42,120-square-foot property generated revenue of $740,000 or $18 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 36 residential units in Kensington has 42,120 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 90 feet and is 130 feet deep with a total lot size of 11,718 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3 million. The most recent loan totaled $6 million and was provided by BNB Bank on November 25, 2019. The property has 36 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 one DOB violation, 50 housing violations, $500 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 seven of the 18 commercial properties representing 114,861 square feet of the 175,970 square feet. The largest owner is Nyc Department Of Education, followed by Yaron Kornblum and then Leonid Fuks.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 175,970 square feet of built space are walkup buildings, with specialty buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that East Coast Holdings owned at least 14 commercial properties with 338 residential units in New York City with 291,773 square feet and a city-determined market value of $30 million. (Market value is typically about 50% of actual value.) The portfolio has $28.6 million in debt, with top three lenders as Peapack-Gladstone Bank, BNB Bank, and PIMCO respectively. Within the portfolio, the bulk, or 51 percent of the 291,773 square feet of built space are elevator properties, with walkup properties next occupying 43 percent of the space. The bulk, or 36 percent of the built space, is in Bronx, with Manhattan next at 34 percent of the space.

The buyer

The PincusCo database currently indicates that Sheldon Lang owned at least one commercial property with 23 residential units in New York City with 18,224 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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