Yhia Alfaks pays $3.1M to Delshah for 6-unit walkup in Carroll Gardens

Yhia Alfaks through the entity BH Sackett Realty LLC paid $3.1 million to Delshah Capital through the entity DS Brooklyn Portfolio Owner LLC for the six-unit residential walkup building (C2) at 193 Sackett Street in Carroll Gardens, Brooklyn. The expected use is cash flowing.
The deal closed on January 29, 2025 and was recorded on February 7, 2025. The property has 3,600 square feet of built space and 421 square feet of additional air rights for a total buildable of 4,016 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $861 and the price per buildable square foot is $771 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 September 21, 2018, for $3.4 million. The signatory for Delshah Capital was Michael Shah . The signatory for Yhia Alfaks was Yhia Alfaks. The contract date was November 27, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yhia Alfaks had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Delshah Capital had not purchased any other properties and sold seven properties in seven transactions for a total of $107.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Shah, head officer and Raymond Morales, site manager. The business entities are Ds Brooklyn Portfolio Owner Llc and Ds Brooklyn Portfolio Owner Llc.

The property

The residential walkup building with 6 residential units in Carroll Gardens has 3,600 square feet of built space and 421 square feet of additional air rights for a total buildable of 4,016 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,008 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 million. The most recent loan totaled $70 million and was provided by Signature Bank on October 20, 2022.

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 $50 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 eight commercial properties representing 16,700 square feet of the 39,850 square feet. The largest owner is Abdulrahman S. Salem, followed by Delshah Capital and then Derby 494 Llc.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 39,850 square feet of built space are mixed-use buildings, with walkup buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Delshah Capital owned at least 36 commercial properties with 584 residential units in New York City with 674,408 square feet and a city-determined market value of $147.7 million. (Market value is typically about 50% of actual value.) The portfolio has $541.2 million in debt, with top three lenders as Arbor Realty Trust, Apollo Global Management, and Signature Bank respectively. Within the portfolio, the bulk, or 42 percent of the 674,408 square feet of built space are walkup properties, with elevator properties next occupying 39 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Brooklyn next at 40 percent of the space.

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