Vadem Brodsky pays $4.7M for 4-unit rental in Fort Greene

Vadem Brodsky through the entity 39 Ventures LLC paid $4.7 million to the entity 39 S Portland Avenue LLC for the four-unit building (C3) at 39 South Portland Avenue in Fort Greene, Brooklyn.
The deal closed on May 23, 2024 and was recorded on June 10, 2024. The property has 5,610 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $844 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 July 16, 2018, for $4.6 million. The signatory for the seller was was Michael L. Landsman. The signatory for Vadem Brodsky was Vadem Brodsky. The contract date was March 21, 2024. Michael L. Landsman is an attorney, and signed as managing member for a zoning document related to the property.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Vadem Brodsky purchased one property in one transaction for a total of $7.7 million and has no record it sold any properties over the past 24 months.
The signatory Michael L. Landsman had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 4 residential units in Fort Greene has 5,610 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 100 feet deep with a total lot size of 2,199 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Fort Greene Historic District. The city-designated market value for the property in 2022 is $2.7 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 not received any significant violations 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 four of the 15 commercial properties representing 72,713 square feet of the 133,247 square feet. The largest owner is Ray Yeung, followed by Jacob Marciano and then Fred Rosenberg.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 133,247 square feet of built space are walkup buildings, with elevator buildings next occupying 43 percent of the space.

The buyer

The PincusCo database currently indicates that Vadem Brodsky owned at least five commercial properties with 50 residential units in New York City with 48,565 square feet and a city-determined market value of $12.7 million. (Market value is typically about 50% of actual value.) The portfolio has $53.8 million in debt, with top three lenders as Arbor Realty Trust, Investors Bank, and S3 Capital respectively. Within the portfolio, the bulk, or 83 percent of the 48,565 square feet of built space are elevator properties, with mixed-use properties next occupying 17 percent of the space. They are all located in Brooklyn.

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