Zvi Ziskind pays $8.9M to Eric Markel for 59-unit rental in Midwood

Zvi Ziskind through the entity 1850 Success LLC paid $8.9 million to Eric Markel through the entity Wynfame East Realty LLC for the 59-unit residential elevator building (D1) at 1850 Ocean Avenue in Midwood, Brooklyn.
The deal closed on July 19, 2022 and was recorded on July 26, 2022. The property has 46,752 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $190 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 Eric Markel was Eric Markel. The signatory for Zvi Ziskind was Zvi Ziskind.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Zvi Ziskind had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eric Markel had not purchased any other properties and sold 162 properties (including individual apartments) in four transactions for a total of $58.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sheik Saddick, head officer and Eric Markel, officer. The business entity is Wynfame Realty Llc. The 46,752-square-foot property generated revenue of $869,385 or $19 per square foot, according to the most recent income and expense figures.

The property

The 1850 Ocean Avenue parcel has frontage of 103 feet and is 125 feet deep with a total lot size of 9,738 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.5 million.

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 received 42 housing violations and $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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 22 commercial properties representing 116,289 square feet of the 408,504 square feet. The largest owner is United Management, followed by Robert Izsak and then Malek Management. There are two active new building construction projects totaling 50,623 square feet. The largest is a 21-unit, 29,843-square-foot R-2 building developed by Edward Glazarov with plans filed October 23, 2015 and it has not been permitted yet. The second largest is a 29-unit, 20,780-square-foot R-2 building developed by Jacob Zimmerman with plans filed August 29, 2019 and permitted June 22, 2020.

The majority, or 81 percent of the 406,505 square feet of built space are elevator buildings, with walkup buildings next occupying 9 percent of the space.

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