Solomon Pavel pays $1.5M to Silvershore Properties for mixed-use in Ridgewood

Solomon Pavel through the entity 279 St Nicholas LLC paid $1.5 million to Silvershore Properties through the entity Silvershore Properties 104 LLC for the three-unit mixed-use building (S3) at 2-79 St Nicholas Avenue in Ridgewood, Queens.
The deal closed on January 20, 2023 and was recorded on January 26, 2023. The property has 3,000 square feet of built space and 636 square feet of additional air rights for a total buildable of 3,636 square feet according to PincusCo analysis of city data. The sale price per built square foot is $508 and the price per buildable square foot is $419 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 January 20, 2016, for $975,000. The signatory for Silvershore Properties was David Shorenstein. The signatory for Solomon Pavel was Solomon Pavel. David Shorenstein was a partner with Silvershore Properties, a real estate investment company that The Real Deal reported in a 2018 article was being wound down. Shorenstein subsequently launched his own Hildreth Real Estate Advisors.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Solomon Pavel had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Silvershore Properties had not purchased any other properties and sold two properties in two transactions for a total of $4.6 million over the same time period. The owners according to the Department of Housing Preservation and Development includes Sam Pavel, head officer and Yossi Pavel, agent. The business entity is 279 Nicholas Llc.

The property

The 2-79 St Nicholas Avenue parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,818 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 $519,000.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1.4 million commercial foreclosure concerning a loan filed on February 12, 2021, by Goldman Sachs. In addition, according to city public data, the property has received $1,390 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 $5 million on this tax lot.

The neighborhood

In Bushwick, all commercial properties are mixed-use. In sales, Bushwick has not had any sales in the last two years. For development, Bushwick has not had any major developments in the last two years.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 5,760 square feet of the 16,320 square feet. The identified owner is Maria Dilorenzo.
there are no active new building construction projects on this tax block.

all properties are mixed-use.

The seller

The PincusCo database currently indicates that Silvershore Properties owned at least five commercial properties in New York City with 35,667 square feet and a city-determined market value of $5.9 million. (Market value is typically about 50% of actual value.) The portfolio has $1.3 million in debt, borrowed from Rapp Group. Within the portfolio, the bulk, or 78 percent of the 35,667 square feet of built space are walkup properties, with mixed-use properties next occupying 22 percent of the space. The bulk, or 74 percent of the built space, is in Brooklyn, with Queens next at 26 percent of the space.

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