Yossel Lichtman pays $2M to SilverRock, Sasha Mehdizadeh for residential walkup in Ridgewood

Yossel Lichtman through the entity 1930 Palmetto Realty LLC paid $2 million to SilverRock Development and Sasha Mehdizadeh through the entity 1930 Palmetto LLC for six-unit residential walkup building (C2) at 1930 Palmetto Street in Ridgewood, Queens.
The deal closed on September 29, 2022 and was recorded on October 11, 2022. The property has 5,700 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $359 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 11, 2020, for $1.6 million. The signatory for SilverRock Development and Sasha Mehdizadeh was Rosemary Hayden. The signatory for Yossel Lichtman was Yossel Lichtman.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yossel Lichtman purchased one property in one transaction for a total of $8.2 million and sold two properties in two transactions for a total of $11.8 million over the past 24 months.
The seller SilverRock Development had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ciro Taormina, individual owner and Ciro Taorimina, site manager. The 5,700-square-foot property generated revenue of $93,993 or $16 per square foot, according to the most recent income and expense figures.

The property

The 1930 Palmetto Street parcel has frontage of 28 feet and is 100 feet deep with a total lot size of 2,842 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 $731,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 11,400 square feet of the 31,901 square feet. The two identified owners are Helga Burriesci and Darrin Schafer.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 31,901 square feet of built space are walkup buildings, with industrial buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Yossel Lichtman owned at least 25 commercial properties in New York City with 168,188 square feet and a city-determined market value of $25.4 million. (Market value is typically about 50% of actual value.) The portfolio has $36.9 million in debt, with top three lenders as Bank of Princeton, Customers Bank, and Cohab Realty respectively. Within the portfolio, the bulk, or 86 percent of the 168,188 square feet of built space are walkup properties, with elevator properties next occupying 14 percent of the space. They are all located in Brooklyn.

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