AmTrust Realty, Steven Neuman pay $23M to Related for 144 units in Marine Park, were $32.1M in 2015

UPDATED 5:45 a.m., June 12, 2025: AmTrust Realty and Steven Neuman pays $23 million to Related Companies for residential walkups with a total of 144 units in Marine Park in three separate transactions. Related bought the properties on July 1, 2015, for $32.1 million.

In the first, AmTrust Realty and Steven Neuman through the entity Marine Park Burnett Owner LLC paid $8.3 million to Related Companies through the entity Nysandy11 Marine Park LLC for the 52-unit residential walkup building (C9) at 1865 Burnett Street in Marine Park, Brooklyn. The expected use is cash flowing.
The deal closed on May 30, 2025 and was recorded on June 10, 2025. The property has 37,940 square feet of built space and 3,920 square feet of additional air rights for a total buildable of 42,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $218 and the price per buildable square foot is $197 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.)

In the second, AmTrust Realty and Steven Neuman through the entity Marine Park 3001 Owner LLC paid $7.4 million to Related Companies through the entity Nysandy11 Marine Park LLC for the eight-unit residential walkup building (C9) at 3001 Avenue R in Marine Park, Brooklyn. The expected use is cash flowing.
The deal closed on May 30, 2025 and was recorded on June 10, 2025. The property has 6,516 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,129 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.)
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In the third, AmTrust Realty and Steven Neuman through the entity Marine Park 3004 Owner LLC paid $7.4 million to Related Companies through the entity Nysandy11 Marine Park LLC for the 84-unit residential walkup building (C9) at 3004 Avenue R in Marine Park, Brooklyn. The expected use is cash flowing.
The deal closed on May 30, 2025 and was recorded on June 10, 2025. The property has 67,464 square feet of built space and 1,852 square feet of additional air rights for a total buildable of 69,450 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $109 and the price per buildable square foot is $105 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.)
Direct link to Acris document. link

The signatory for Related Companies was Matthew Becker . The signatory for AmTrust Realty and Steven Neuman was Steven Neuman. The contract date was November 6, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Steven Neuman had purchased any other properties and sold one property in one transaction for a total of $16.5 million over the past 24 months.
The seller Related Companies purchased four properties in three transactions for a total of $649.3 million and sold 69 properties in 64 transactions for a total of $1.2 billion over the same time period. The former owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Natasha Davis, site manager. The business entity is Ny Sandy 10 Marine Park Llc. The 37,940-square-foot property generated revenue of $967,849 or $26 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 52 residential units in Marine Park has 37,940 square feet of built space and 3,920 square feet of additional air rights for a total buildable of 42,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 360 feet deep with a total lot size of 56,000 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.4 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 received one DOB violation, 15 housing violations, and $50 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 owner of the one commercial property that spans that spans 37,940 square feet on the block.The identified owner is Steven Neuman.
There are no active new building construction projects on this tax block.

All properties are walkup.

The seller

The PincusCo database currently indicates that Related Companies owned at least 124 commercial properties with 7,324 residential units in New York City with 19,231,026 square feet and a city-determined market value of $6 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.3 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Bank of America respectively. Within the portfolio, the bulk, or 36 percent of the 19,231,026 square feet of built space are office properties, with elevator properties next occupying 34 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Bronx next at 13 percent of the space.

The buyer

The PincusCo database currently indicates that Steven Neuman owned at least eight commercial properties with 331 residential units in New York City with 269,530 square feet and a city-determined market value of $28.1 million. (Market value is typically about 50% of actual value.) The portfolio has $25.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 73 percent of the 269,530 square feet of built space are walkup properties, with elevator properties next occupying 27 percent of the space. The bulk, or 60 percent of the built space, is in Brooklyn, with Bronx next at 27 percent of the space.

Correction: An earlier version of this post did not included AmTrust Realty as a buyer.

Direct link to Acris document. link