Yechiel Newhouse pays $15M to Bernard Gans for 150-unit rental on Staten Island

Yechiel Newhouse through the entity SI Victory LLC paid $15 million to Bernard Gans through the entity 800 Victory Owners Inc. for the 150-unit residential elevator building (D1) at 800 Victory Boulevard in Silver Lake, Staten Island.
The deal closed on August 10, 2023 and was recorded on September 7, 2023. The property has 143,419 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $104 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 signatory for Bernard Gans was Bernard Gans. The signatory for Yechiel Newhouse was Yechiel Newhouse. The contract date was May 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yechiel Newhouse purchased four properties in four transactions for a total of $89.5 million and has no record it sold any properties over the past 24 months.
The seller Bernard Gans had not purchased any other properties and sold four properties in three transactions for a total of $20.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Bernard Gans, head officer and George Coppola, site manager. The business entity is 800 Victory Owners, Inc.

The property

The residential elevator building with 150 residential units in Silver Lake has 143,419 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 402 feet and is 232 feet deep with a total lot size of 79,290 square feet. The lot is irregular. The zoning is R1-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.6 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 $125 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

There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 473,853 square feet of built space are walkup buildings, with specialty buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Bernard Gans owned at least one commercial property with 36 residential units in New York City with 25,818 square feet and a city-determined market value of $4.3 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 Yechiel Newhouse owned at least 38 commercial properties with 1,195 residential units in New York City with 1,193,418 square feet and a city-determined market value of $84.7 million. (Market value is typically about 50% of actual value.) The portfolio has $190.8 million in debt, with top three lenders as New York Community Bank, Santander Bank, and Investors Bank respectively. Within the portfolio, the bulk, or 59 percent of the 1,193,418 square feet of built space are elevator properties, with walkup properties next occupying 41 percent of the space. The bulk, or 64 percent of the built space, is in Bronx, with Manhattan next at 36 percent of the space.

Direct link to Acris document. link