Sokol Anadolli pays $4.1M to Roei Paz for 8-unit walkup in Bushwick

Sokol Anadolli through the entity Bleecker 18a LLC paid $4.1 million to Roei Paz through the entity 18a Bleecker Street LLC for the eight-unit residential walkup building (C1) at 18A Bleecker Street in Bushwick, Brooklyn.
The deal closed on May 22, 2024 and was recorded on June 25, 2024. The property has 6,278 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $657 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 December 10, 2015, for $1 million. The signatory for Roei Paz was Roei Paz. The signatory for Sokol Anadolli was Sokol Anadolli. The contract date was February 1, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sokol Anadolli purchased one property in one transaction for a total of $1.8 million and has no record it sold any properties over the past 24 months.
The seller Roei Paz had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential walkup building with 8 residential units in Bushwick has 6,278 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2019 and expires in 2055. The city-designated market value for the property in 2022 is $1.3 million.

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 not received any significant violations 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 four of the five commercial properties representing 56,101 square feet of the 62,379 square feet. The largest owner is Watermark Capital Group, followed by Linda Vera-Benitez and then Dalan Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 62,379 square feet of built space are walkup buildings, with elevator buildings next occupying 39 percent of the space.

The buyer

The PincusCo database currently indicates that Sokol Anadolli owned at least one commercial property with six residential units in New York City with 3,900 square feet and a city-determined market value of $886,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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