Tamir Shadian pays $4.8M to Barberry Rose for 47-unit rental in Crown Heights

Tamir Shadian through the entity Kenlow Realty LLC paid $4.8 million to Barberry Rose Management Company through the entity Stf 826 Crown Street Holding LLC for the 47-unit residential elevator building (D1) at 826 Crown Street in Crown Heights, Brooklyn.
The deal closed on March 8, 2024 and was recorded on March 21, 2024. The property has 52,764 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $90 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 June 22, 2018, for $11.4 million. The signatory for Barberry Rose Management Company was Lewis M. Barbanel. The signatory for Tamir Shadian was Tamir Shadian. The contract date was December 29, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tamir Shadian had purchased any other properties and sold four properties in four transactions for a total of $10.3 million over the past 24 months.
The seller Barberry Rose Management Company had not purchased any other properties and sold 31 properties in 28 transactions for a total of $114.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Lewis Barbanel, head officer and Robert Silverman, officer. The business entities are Barberry Rose Management Co. Inc and Stf 826 Crown Holding Llc.

The property

The residential elevator building with 47 residential units in Crown Heights has 52,764 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 77 feet and is 127 feet deep with a total lot size of 11,480 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.8 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 59 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 owners of six of the 13 commercial properties representing 140,521 square feet of the 207,406 square feet. The largest owner is Stella Carrington, followed by Sigmund Freund and then John Emmanus.
There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 207,406 square feet of built space are elevator buildings, with walkup buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Barberry Rose Management Company owned at least nine commercial properties with 348 residential units in New York City with 361,193 square feet and a city-determined market value of $42.8 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Principal Life Insurance Company. Within the portfolio, the bulk, or 70 percent of the 361,193 square feet of built space are elevator properties, with walkup properties next occupying 17 percent of the space. The bulk, or 39 percent of the built space, is in Queens, with Brooklyn next at 36 percent of the space.

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