Shiya Ehrenreich pays $3.8M to Witnick for residential walkup in Bed Stuy

Shiya Ehrenreich through the entity Malcolm X NY LLC paid $3.8 million to Witnick Real Estate Partners through the entity 321 Mxb Partners LLC for nine-unit residential walkup building (C1) at 321 Malcolm X Boulevard in Bed Stuy, Brooklyn.
The deal closed on September 23, 2022 and was recorded on October 6, 2022. The property has 9,000 square feet of built space for a total buildable of 9,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $420 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 January 20, 2016, for $3.3 million. The signatory for Witnick Real Estate Partners was Isaac Abraham. The signatory for Shiya Ehrenreich was Shiya Ehrenreich.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Shiya Ehrenreich purchased one property in one transaction for a total of $3 million and has no record it sold any properties over the past 24 months.
The seller Witnick Real Estate Partners purchased 12 properties in 11 transactions for a total of $100.4 million and sold seven properties in six transactions for a total of $27.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ramiel Benyehuda, head officer and Ramiel Ben Yehuda, site manager. The business entity is 321 Mxb Partners Llc.

The property

The 321 Malcolm X Boulevard parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,000 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 $1.6 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 four housing violations, $1,500 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 21 of the 31 commercial properties representing 97,633 square feet of the 127,155 square feet. The largest owner is Nager Management, followed by Itamar Bruhim and then Witnick Real Estate Partners.
On the tax block, there were four new building construction projects totaling 15,611 square feet. The largest is a seven-unit, 5,463-square-foot R-2 building developed by Rona Reodica with plans filed October 21, 2021 and it has not been permitted yet.The second largest is a three-unit, 3,720-square-foot R-2 building developed by Rona Reodica with plans filed February 27, 2019 and permitted December 27, 2021.

The majority, or 88 percent of the 127,155 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Witnick Real Estate Partners owned at least 33 commercial properties in New York City with 362,989 square feet and a city-determined market value of $102.1 million. (Market value is typically about 50% of actual value.) The portfolio has $81.5 million in debt, with top three lenders as Dime Community Bank, Signature Bank, and Customers Bank respectively. Within the portfolio, the bulk, or 79 percent of the 362,989 square feet of built space are walkup properties, with elevator properties next occupying 18 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Brooklyn next at 36 percent of the space.

The buyer

The PincusCo database currently indicates that Shiya Ehrenreich owned at least one commercial property in New York City with 6,474 square feet and a city-determined market value of $782,000. (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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