Stacey Tawil pays $4.2M to Klosed Properties for mixed-use in Clinton Hill

Stacey Tawil through the entity Thrive Management Ny LLC paid $4.2 million to Klosed Properties through the entity 507 Myrtle LLC for the four-unit mixed-use building (S9) at 507 Myrtle Avenue in Clinton Hill, Brooklyn. The expected use is cash flowing.
The deal closed on June 4, 2025 and was recorded on June 16, 2025. The property has 3,750 square feet of built space and 6,337 square feet of additional air rights for a total buildable of 10,100 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,133 and the price per buildable square foot is $420 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 13, 2016, for $3.2 million. The signatory for Klosed Properties was Stephen S. Siminou . The signatory for Stacey Tawil was Stacey Tawil. The contract date was February 12, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Stacey Tawil had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Klosed Properties purchased three properties in three transactions for a total of $19.2 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Kashanian, head officer and Adrian Robinson, site manager. The business entities are Bluesky Management Ny Llc and 507 Myrtle Llc.

The property

The mixed-use building with 4 residential units in Clinton Hill has 3,750 square feet of built space and 6,337 square feet of additional air rights for a total buildable of 10,100 square feet 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 2,525 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $4.3 million commercial foreclosure concerning a loan filed on December 27, 2024, by Blackstone Group and Rialto Capital Advisors against Namdar Realty Group, Klosed Properties, Steven Kachanian, Jonathan Hazghiyan, Steven Ebrani, and Ebrani Holdings. In addition, according to city public data, the property has received two housing violations and $10,730 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 5, 2021. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Clinton Hill, The bulk, or 34 percent of the 10.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Clinton Hill has 1.3 times the average sales volume among other neighborhoods with $334.2 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, Clinton Hill has had very little major development activity relative to other neighborhoods.It had 208,973 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 32,810 square feet of the 164,770 square feet. The largest owner is Deborah Wright, followed by Phybe Ren and then Gregory D. Francis.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 164,770 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Klosed Properties owned at least 66 commercial properties with 868 residential units in New York City with 1,099,944 square feet and a city-determined market value of $165.9 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 35 percent of the 1,099,944 square feet of built space are walkup properties, with elevator properties next occupying 32 percent of the space. The bulk, or 55 percent of the built space, is in Manhattan, with Bronx next at 25 percent of the space.

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