Sidharth Lakhani pays $17.8M to Solomon Feder for residential elevator building in Greenpoint

Sidharth Lakhani through the entity 137 Bayard Street LLC paid $17.8 million to Solomon Feder through the entity 137 Bayard LLC for the 27-unit residential elevator building at 137 Bayard Street in Greenpoint, Brooklyn.
The deal closed on December 15, 2021 and was recorded on January 13, 2022.
The property has 19,674 square feet of built space and 607 square feet of additional air rights for a total buildable of 20,250 square feet according to PincusCo analysis of city data. The sale price per built square foot is $904 and the price per buildable square foot is $879 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 July 31, 2013, for $2.6 million.
The signatory for Solomon Feder was Solomon Feder. The signatory for Sidharth Lakhani was Sidharth Lakhani.
Prior to this transaction, the buyer Sidharth Lakhani purchased one property in one transaction for a total of $18 million and had not sold any properties over the past 24 months.
The seller Solomon Feder had not purchased any other properties and had not sold any properties over the same time period.
The 19,674-square-foot property generated revenue of $891,900 or $45 per square foot, according to the most recent income and expense figures.

(320770457)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 27 residential units on November 17, 2016. (320770457) Plans for a 27-unit, 18,222 square-foot R-2 were filed on June 24, 2013 and were permitted on June 4, 2015.

In Greenpoint, the majority, or 23 percent of the 29.6 million square feet of built space are residential walkup buildings, with industrial buildings next occupying 21 percent of the space. In sales, Greenpoint has 1.6 times the average sales volume in the city with $450.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 3.7 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
On the tax block, the majority, or 30 percent of the 66,378 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 26 percent of the space.
The former owners according to the Department of Housing Preservation and Development includes Solomon Feder, head officer and Yedidye Leibler, agent. The business entity was 137 Bayard Llc.

Within a 400-foot radius of 137 Bayard Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on June 3, 2021 for a 22,270-square-foot R-2 building with 33 residential units at 411 Meeker Avenue.
Of those seven items, five were loans above $5 million totaling $59.9 million. The most recent of the five was Chaskel Babad which borrowed $5.4 million from Bankwell secured by the 7,493-square-foot, 10-unit rental (C1) on 417 Manhattan Avenue on December 8, 2021.

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