Tredway and ELH Mgmt. pay $90M to AMS Realty for four rentals in Fort Greene

Tredway and ELH Mgmt. paid $90 million to AMS Realty for four rental properties in Fort Greene, Brooklyn, 53 St. Felix Street, 33 St. Felix Street, 221 Ashland Place and 80 Greene Avenue, that have a total of 193 units. The sale happened in two transactions.

The purchase was financed with a $97 million loan from Wells Fargo which was assigned to Freddie Mac.

In the first, Tredway and Elh Mgmt. through the entities Tri-Block FTG LLC, paid $55 million to AMS Realty through the entity Tri-Block Associates for the 32-unit residential walkup building (C1) at 53 St Felix Street in Fort Greene, Brooklyn, 32-unit residential walkup building (C1) at 33 St Felix Street in Fort Greene, Brooklyn, and 32-unit residential walkup building (C1) at 221 Ashland Place in Fort Greene, Brooklyn.
The deal closed on June 13, 2024 and was recorded on June 26, 2024. The three properties have 80,376 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $684 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, Tredway and Elh Mgmt. through the entities Clermont FTG LLC, paid $35 million to AMS Realty through the entity Greene Avenue Associates for the 97-unit residential elevator building (D9) at 80 Greene Avenue in Fort Greene, Brooklyn. The deal closed on June 13, 2024 and was recorded on June 26, 2024. The property has 71,470 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $489 per the PincusCo analysis

The signatory for AMS Realty was Abram Shnay. The signatory for Tredway and ELH Mgmt. was Adam Sussi and Jacqueline Tom. The contract date was May 30, 2023.

The buyers announced details of the purchase in a press release.  The sale was brokered by Affordable Housing Advisors according to the release.

Adam Sussi is a managing partner at Tredway.

The sale was structured so that the buyer is a nonprofit HDFC in care of Settlement Housing Fund, which simultaneously transferred beneficial ownership to the Tredway and ELH Mgmt. entities. The owners of the largest buildings after Tredway on the tax block 2097 are Daniel Greenbaum, Edwin Gbenebitse, Alicia Holmes, Laura Seymour.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Tredway purchased three other properties for $150 million and has no record it sold any properties over the past 24 months.
The seller AMS Realty had not purchased any other properties and sold two properties in one transaction for a total of $28.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Abram Shnay, head officer and Martin Shnay, officer. The business entity is Tri Block Associates.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 31 housing violations, $100 in OATH penalties, and one housing litigation 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 the tax block of 53 St Felix Street, PincusCo has identified the owners of five of the 21 commercial properties representing 18,176 square feet of the 128,309 square feet.
On the tax block, there were two new building construction projects totaling 7,164 square feet. The largest is a six-unit, 3,764 square-foot residential (R-2) building submitted by Avi Baranes with plans filed July 31, 2019 and it has not been permitted yet. The second largest is a two-unit, 3,400 square-foot residential (R-3) building submitted by Melvin Berg with plans filed March 7, 2017 and it has not been permitted yet.

The majority, or 70 percent of the 128,309 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Ams Realty owned at least three commercial properties with 258 residential units in New York City with 211,488 square feet and a city-determined market value of $22.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that ELH Mgmt. owned at least 88 commercial properties with 2,202 residential units in New York City with 2,302,380 square feet and a city-determined market value of $219.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 59 percent of the 2,302,380 square feet of built space are elevator properties, with walkup properties next occupying 37 percent of the space. The bulk, or 85 percent of the built space, is in Brooklyn, with Manhattan next at 8 percent of the space.
The PincusCo database currently indicates that Tredway owned at least three commercial properties with 816 residential units in New York City with 942,458 square feet and a city-determined market value of $52.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are elevator properties. They are all located in Brooklyn.

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