Yehuda Reich pays $1.6M to Napier Park for 8-unit walkup in Bushwick

Yehuda Reich through the entity BSD 1216 Putnam LLC paid $1.6 million to Napier Park Global Capital through the entity Lh-Np-Strat Delaware LLC for the eight-unit residential walkup building (C1) at 1216 Putnam Avenue in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on October 15, 2024 and was recorded on October 31, 2024. The property has 5,194 square feet of built space and 154 square feet of additional air rights for a total buildable of 5,346 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $308 and the price per buildable square foot is $299 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 August 3, 2017, for $999,999. The signatory for Napier Park Global Capital was Rutvij Shanghavi. The signatory for Yehuda Reich was Yehuda Baruch Reich. The contract date was August 7, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yehuda Baruch Reich had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Napier Park Global Capital purchased two properties in two transactions for a total of $5.1 million and had not sold any properties over the same time period.

The property

The residential walkup building with 8 residential units in Bushwick has 5,194 square feet of built space and 154 square feet of additional air rights for a total buildable of 5,346 square feet 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 2,200 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $802,000.

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 $680 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 four of the nine commercial properties representing 11,399 square feet of the 54,910 square feet. The largest owner is Linda Vera-Benitez, followed by G-Way Management and then Greenbrook Partners.
On the tax block, there were two new building construction projects totaling 19,025 square feet. The largest is a 19-unit, 14,293 square-foot residential (R-2) building submitted by Boaz Gilad with plans filed May 22, 2015 and it has not been permitted yet. The second largest is a seven-unit, 4,732 square-foot residential (R-2) building submitted by Boaz Gilad with plans filed May 2, 2017 and permitted May 3, 2018.

The majority, or 50 percent of the 54,910 square feet of built space are elevator buildings, with mixed-use buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Napier Park Global Capital owned at least two commercial properties with 12 residential units in New York City with 9,335 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 9,335 square feet of built space are walkup properties, with C3 properties next occupying 37 percent of the space. They are all located in Brooklyn.

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