SKW Funding, Dalan pay $34.5M to Windsor Global, Jacob Gold for 44-unit rental in Bedford-Stuyvesant

SKW Funding through the entity Skw – B 1520 Fulton Owner, LLC paid $34.5 million to Windsor Global and Jacob Gold through the entity 1520 Fulton LLC for the 44-unit residential elevator building (D7) at 1520 Fulton Street in Bedford-Stuyvesant, Brooklyn.
The deal closed on October 3, 2022 and was recorded on October 13, 2022. The property has 68,024 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $507 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 March 25, 2015, for $7.3 million. The signatory for Windsor Global and Jacob Gold was Yisroel Eckstein. The signatory for SKW Funding was Andrew Wrublin. Magic Moments Academy signed a 10-year lease in the property, the Commercial Observer reported in 2021.

Traded NY identified the brokers as Lazer Sternhell, Peter Vanderpool and Sarah Mae Selnick of Cignature Realty.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Dalan Management had purchased $422 million in assets over the past 24 months.
The seller Windsor Global had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Tom Rosenberg, head officer. The business entity is 1520 Fulton Llc. The 68,024-square-foot property generated revenue of $2.1 million or $30 per square foot, according to the most recent income and expense figures.

The property

The 1520 Fulton Street parcel has frontage of 120 feet and is 100 feet deep with a total lot size of 14,000 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2020 and expires in 2035. The city-designated market value for the property in 2022 is $10.5 million.The most recent loan totaled $23 million and was provided by Customers Bank on December 31, 2020.

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 eight DOB violations, one housing violation, and $100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 19, 2020. On the lot, there is one active new building construction project for a 49-unit, 56,343 square-foot R-2 building. The project was developed by Yisroel Eckstein with plans filed May 13, 2015 and permitted September 15, 2016.

The block

On this tax block, PincusCo has identified the owners of six of the 21 commercial properties representing 161,058 square feet of the 222,544 square feet. The largest owner is Taso Vassiliou, followed by Windsor Global and then Shulem Herman.
On the tax block, there were four new building construction projects totaling 78,945 square feet. The largest is a 49-unit, 56,343-square-foot R-2 building developed by Yisroel Eckstein with plans filed May 13, 2015 and permitted December 24, 2015. The second largest is a 10-unit, 11,197-square-foot R-2 building developed by Rona Reodica with plans filed May 7, 2020 and it has not been permitted yet.

the majority, or 64 percent of the 222,544 square feet of built space are elevator buildings, with mixed-use buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Jacob Gold owned at least 12 commercial properties in New York City with 29,544 square feet and a city-determined market value of $15.7 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from GUDZ SOLUTIONS LLC and Premier Capital Funding. Within the portfolio, the bulk, or 53 percent of the 29,544 square feet of built space are A5 properties, with C0 properties next occupying 47 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Windsor Global owned at least one commercial property in New York City with 68,024 square feet and a city-determined market value of $10.5 million. (Market value is typically about 50% of actual value.) The portfolio has $46 million in debt, borrowed from Madison Realty Capital and Customers Bank. The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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