Simkho Aranbayev pays $3.4M for 9-unit walkup in Clinton Hill

Simkho Aranbayev through the entity 995 Fulton LLC paid $3.4 million to Mark Mehlman and David Gottlieb through the entity 273 Grand LLC for the nine-unit residential walkup building (C7) at 320 Lafayette Avenue in Clinton Hill, Brooklyn. The expected use is cash flowing.
The deal closed on April 24, 2025 and was recorded on May 6, 2025. The property has 9,856 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $344 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 signatories for Mark Mehlman and David Gottlieb were Mark Mehlman and David Gottlieb. The signatory for Simkho Aranbayev was Simkho Aranbayev. The contract date was January 27, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Simkho Aranbayev purchased nine properties in nine transactions for a total of $41.1 million and sold two properties in two transactions for a total of $6.4 million over the past 24 months.
The seller Mark Mehlman had not purchased any other properties and sold one property 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 Mark Mehlman, head officer and Mark Meklmm, shareholder. The business entity is 273 Grand Llc.

The property

The residential walkup building with 9 residential units in Clinton Hill has 9,856 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,400 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 $2.2 million. The property has 9 rent regulated units according to city tax records from 2022.

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 $8,700 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 10 of the 21 commercial properties representing 121,787 square feet of the 207,474 square feet. The largest owner is Carlyle Group, followed by Teh-Ching Hsieh and then Sam Weinberg.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 207,474 square feet of built space are walkup buildings, with elevator buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Mark Mehlman owned at least one commercial property with 28 residential units in New York City with 20,329 square feet and a city-determined market value of 0.0. (Market value is typically about 50% of actual value.) The portfolio has $10.9 million in debt, borrowed from New York Community Bank. The portfolio consists of at least a single D7 property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Simkho Aranbayev owned at least 33 commercial properties with 35 residential units in New York City with 234,278 square feet and a city-determined market value of $49.8 million. (Market value is typically about 50% of actual value.) The portfolio has $27.3 million in debt, with top three lenders as Signature Bank, Provident Bank, and Union Savings Bank respectively. Within the portfolio, the bulk, or 58 percent of the 234,278 square feet of built space are retail properties, with mixed-use properties next occupying 39 percent of the space. The bulk, or 46 percent of the built space, is in Queens, with Brooklyn next at 35 percent of the space.

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