Time Equities pays $13.1M to SilverWolf Group for 38-unit rental in Flatbush

Time Equities through the entity 323 East 19 Street 50 West LLC paid $13.1 million to SilverWolf Group through the entity Ditmas Park Lofts LLC for the 38-unit residential elevator building (D3) at 323 East 19th Street in Flatbush, Brooklyn.
The deal closed on May 15, 2025 and was recorded on June 3, 2025. The property has 37,751 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $347 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, 2015, for $1.3 million. The signatory for SilverWolf Group was Berel Farkas . The signatory for Time Equities was Robert Kantor . The contract date was February 6, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Time Equities had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller SilverWolf Group had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mike Siber, head officer and Aaron Gross, site manager. The business entities are Anm Management Llc and Ditmas Park Lofts Llc. The 37,751-square-foot property generated revenue of $1.2 million or $32 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 38 residential units in Flatbush has 37,751 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 125 feet deep with a total lot size of 7,547 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2020 and expires in 2035. The city-designated market value for the property in 2022 is $4.7 million. The most recent loan totaled 0.0 and was provided by Stillwater Asset Management on December 31, 2024. The property has 38 rent regulated units according to city tax records from 2023.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $14.2 million commercial foreclosure concerning a loan filed on March 31, 2025, by Stillwater Asset Management against Berel Farkas, Solomon Eisenberg, and SilverWolf Group. In addition, according to city public data, the property has received $3,125 in ECB penalties, 15 housing violations, and $5,065 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 13, 2018. 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 12 of the 15 commercial properties representing 512,707 square feet of the 567,731 square feet. The largest owner is Silverwolf Group, followed by Shamco Management and then Benjamin Schwartz.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 567,731 square feet of built space are elevator buildings, with walkup buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Silverwolf Group owned at least one commercial property with 38 residential units in New York City with 37,751 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Time Equities owned at least 17 commercial properties with 381 residential units in New York City with 364,111 square feet and a city-determined market value of $116.5 million. (Market value is typically about 50% of actual value.) The portfolio has $155.1 million in debt, with top three lenders as Benefit Street Partners, Time Equities, and Provident Bank respectively. Within the portfolio, the bulk, or 52 percent of the 364,111 square feet of built space are walkup properties, with office properties next occupying 31 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Queens next at 32 percent of the space.

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