Shulem Herman pays $2.9M to Oak Tree for 8-unit walkup in Bed Stuy

Shulem Herman through the entity 927 Putnam Terrace LLC paid $2.9 million to Oak Tree Residential through the entity Ota 927 Putnam LLC for the eight-unit residential walkup building (C1) at 927 Putnam Avenue in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on April 9, 2025 and was recorded on April 17, 2025. The property has 10,224 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $283 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 May 18, 2017, for $4.5 million. The signatory for Oak Tree Residential was Jeremiah Lucey . The signatory for Shulem Herman was Shulem Herman. The contract date was December 4, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Shulem Herman purchased one property in one transaction for a total of $2 million and has no record it sold any properties over the past 24 months.
The seller Oak Tree Residential had not purchased any other properties and sold six properties in six transactions for a total of $17.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Richard Rosan, head officer and Jeremiah Lucey, officer. The business entities are Oak Tree Management, Ltd and Ota 927 Putnam Llc.

The property

The residential walkup building with 8 residential units in Bedford Stuyvesant has 10,224 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 31 feet and is 100 feet deep with a total lot size of 3,117 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million. The most recent loan totaled $11.1 million and was provided by Metropolitan Commercial Bank on February 15, 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 20 housing violations, $300 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 15 of the 23 commercial properties representing 168,225 square feet of the 189,525 square feet. The largest owner is Roman Catholic Church, followed by Hershy Beigel and then Alchemy Ventures.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 189,525 square feet of built space are walkup buildings, with specialty buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Oak Tree Residential owned at least 17 commercial properties with 249 residential units in New York City with 207,953 square feet and a city-determined market value of $28.6 million. (Market value is typically about 50% of actual value.) The portfolio has $39.3 million in debt, borrowed from Metropolitan Commercial Bank. Within the portfolio, the bulk, or 76 percent of the 207,953 square feet of built space are walkup properties, with elevator properties next occupying 19 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Manhattan next at 19 percent of the space.

The buyer

The PincusCo database currently indicates that Shulem Herman owned at least 16 commercial properties with 116 residential units in New York City with 225,823 square feet and a city-determined market value of $35.8 million. (Market value is typically about 50% of actual value.) The portfolio has $112.8 million in debt, with top three lenders as Dime Community Bank, Broadview Funding, and Bethpage Federal Credit Union respectively. Within the portfolio, the bulk, or 51 percent of the 225,823 square feet of built space are hotel properties, with walkup properties next occupying 26 percent of the space. The bulk, or 51 percent of the built space, is in Queens, with Brooklyn next at 49 percent of the space.

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