Zalmen Wagschal sells 3 walkups in East Flatbush for $3.1M

Mosha Mann through the entity Snyder East 35 LLC paid $3.1 million to Zalmen Wagschal through the entity Hart Dekalb LLC for the 10-unit residential walkup building (C1) at 3421 Snyder Avenue in East Flatbush, Brooklyn, six-unit residential walkup building (C2) on East 35th Street in East Flatbush, Brooklyn, and six-unit residential walkup building (C2) on East 35th Street in East Flatbush, Brooklyn.
The deal closed on September 29, 2023 and was recorded on October 19, 2023. The three properties have 18,965 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $163 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 Zalmen Wagschal was Zalmen Wagschal. The signatory for Mosha Mann was Mosha Mann. The contract date was September 28, 2023.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 3421 Snyder Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mosha Mann had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Zalmen Wagschal had not purchased any other properties and sold two properties in one transaction for a total of $3 million over the same time period.

The property

The residential walkup building with 10 residential units in East Flatbush has 18,965 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,637 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $511,000.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $3.1 million money judgment concerning a loan filed on July 20, 2022, by Goldman Sachs against Zalmen Wagschal. In addition, according to city public data, the properties have received $22,020 in OATH penalties in the last year.

Development

On these lots, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 18,965 square feet. The largest is a new building project for a 10-unit, 8,058 square-foot R-2 building submitted by David Frank with plans filed July 10, 2018 and permitted March 29, 2019. The second largest is a new building project for a six-unit, 5,460 square-foot R-2 building submitted by David Frank with plans filed November 2, 2018 and permitted March 29, 2019.

The block

On the tax block of 3421 Snyder Avenue, PincusCo has identified the owners of three of the 10 commercial properties representing 83,410 square feet of the 119,873 square feet. The largest owner is Steve Tiam Fook, followed by Parkway Realty Associates and then Eric Miller.
On the tax block, there were three new building construction projects totaling 18,965 square feet. The largest is a 10-unit, 8,058 square-foot residential (R-2) building submitted by David Frank with plans filed July 10, 2018 and permitted February 13, 2019. The second largest is a six-unit, 5,460 square-foot residential (R-2) building submitted by David Frank with plans filed November 2, 2018 and permitted February 13, 2019.

The majority, or 51 percent of the 119,873 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

The seller

The PincusCo database currently indicates that Zalmen Wagschal owned at least 10 commercial properties with 89 residential units in New York City with 80,356 square feet and a city-determined market value of $11 million. (Market value is typically about 50% of actual value.) The portfolio has $59.1 million in debt, with top three lenders as Citibank, Extensia Financial, and Hanover Community Bank respectively. Within the portfolio, the bulk, or 77 percent of the 80,356 square feet of built space are walkup properties, with hotel properties next occupying 20 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link