Shilians pay $3.3M to Hirshmark for 16-unit walkup in Bedford Stuyvesant

Elchonon Shilian, David Shilian, and Abraham Shilian through the entity Ace Stuyvesant LLC paid $3.3 million to Hirshmark Capital through the entity Stuyvesant FS LLC for the 16-unit residential walkup building (C1) at 304 Stuyvesant Avenue in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing. This was a “real estate owned (REO)” transaction, since Hirshmark Capital as the former lender acquired title to the property through a foreclosure sale.
The deal closed on October 8, 2024 and was recorded on October 15, 2024. The property has 8,320 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $396 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 Hirshmark Capital was attorney Erick Vallely. The signatory for Elchonon Shilian, David Shilian, and Abraham Shilian was Elchonon Shilian. The contract date was July 26, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Elchonon Shilian had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hirshmark Capital purchased two properties in two transactions for a total of $19.6 million and sold one property in one transaction for a total of $3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Harvey Greenberg, head officer and Joel Spitzer, agent. The business entity is Jjj Cc & K Management Corp.

The property

The residential walkup building with 16 residential units in Bedford Stuyvesant has 8,320 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,600 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Bedford Stuyvesant / Expanded Stuyvesant Heights Historic District. The city-designated market value for the property in 2022 is $637,000.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on February 16, 2023, by Carline Williams citing assets of $4.5 million. In addition, according to city public data, the property has received one DOB violation and $50 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 33,825 square feet of the 63,048 square feet. The largest owner is Oak Tree Residential, followed by Felicia Colon and then Umer Bizati.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 63,048 square feet of built space are walkup buildings, with mixed-use buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Hirshmark Capital owned at least six commercial properties with 36 residential units in New York City with 52,793 square feet and a city-determined market value of $11.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 39 percent of the 52,793 square feet of built space are office properties, with walkup properties next occupying 29 percent of the space. The bulk, or 39 percent of the built space, is in Manhattan, with Brooklyn next at 34 percent of the space.

The buyer

The PincusCo database currently indicates that Elchonon Shilian owned at least four commercial properties with 110 residential units in New York City with 57,131 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) The portfolio has $38.9 million in debt, with top three lenders as Bank of Princeton, Popular Bank, and Bayport Funding respectively. Within the portfolio, the bulk, or 83 percent of the 57,131 square feet of built space are elevator properties, with development properties next occupying 8 percent of the space. The bulk, or 92 percent of the built space, is in Brooklyn, with Bronx next at 8 percent of the space.

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