Shlomo Ben Nasser pays $3.1M to Toorak for 7-unit walkup in Bed Stuy

Shlomo Ben Nasser of 26 Splitrock through the entity 476 Gates Ave SR LLC paid $3.1 million to Toorak Capital Partners through the entity 2021-1 Realty Holdings II LLC for the seven-unit residential walkup building (C1) at 476 Gates Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on May 28, 2024 and was recorded on June 17, 2024. The property has 4,870 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $641 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 April 13, 2016, for $1.1 million. The signatory for Toorak Capital Partners was Stephen J. Tyde Jr. The signatory for 26 Splitrock was Shlomo Ben Nasser. The contract date was April 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer 26 Splitrock had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Toorak Capital Partners purchased three properties in two transactions for a total of $4 million and sold two properties in one transaction for a total of $1.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sigmund Freund, head officer and Blake Gurevitch, site manager. The business entity is 476 Gates Realty Llc.

The property

The residential walkup building with 7 residential units in Bedford Stuyvesant has 4,870 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 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 $1.1 million.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on February 1, 2023, by Theordore Feldheim citing assets of $4.1 million. In addition, according to city public data, the property has received $1,300 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 9, 2019. 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 13 of the 26 commercial properties representing 133,662 square feet of the 172,817 square feet. The largest owner is Yossel Lichtman, followed by Vincent Fairweather and then Theodore Feldhiem.
On the tax block, there were two new building construction projects totaling 41,106 square feet. The largest is a 32-unit, 37,106 square-foot hotel/dormitory/shelter (R-1) building submitted by Doe Fund and filed by John Mcdonald with plans filed October 21, 2021 and permitted November 13, 2023. The second largest is a four-unit, 4,000 square-foot residential (R-2) building submitted by Michael Uhr and filed by Benzion Sprei with plans filed July 12, 2013 and permitted December 8, 2016.

The majority, or 35 percent of the 172,817 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Toorak Capital Partners owned at least one commercial property with eight residential units in New York City with 2,667 square feet and a city-determined market value of $430,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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