The Real Deal New York

Buyer linked to multifamily landlord drops $9.2M on Gravesend manse

LLC associated with Edel Family Management bought 412 Avenue T
By Mary Diduch | January 16, 2019 06:56PM

412 Avenue T

A buyer linked to large multifamily landlord with a history of violations at its properties just paid $9.2 million for a stately mansion in the Gravesend section of Brooklyn, public records on Wednesday show.

The buyer of 412 Avenue T was an LLC that lists Edel Family Management Corporation‘s Brooklyn location as its address and David Edelstein as its manager, according to the public record of the sale.

An EFM representative reached by email said EFM is not the buyer, but noted the LLC lists EFM for its address and declined to comment further.

EFM, based out of 2207 Coney Island Avenue, has a portfolio of roughly 30 multifamily buildings throughout the city. As a landlord, the company has been hit with numerous violations over the years.

The state in 2014 sued EFM over 90 oil spill prevention violations at 25 of its properties in Manhattan and the Bronx. EFM settled with the state in 2015, correcting the issues and agreeing to pay a penalty of $151,000.

And in 2013, reported that one of its properties in Inwood at one point had 119 violations — ranging from mice to “paint that tested positive for lead content and that is peeling” — logged with the Department of Housing and Preservation.

According to records with the Department of Finance, the sellers were Joseph and Jody Cohen.

The neighborhood, a haven for the Syrian Jewish community, is known for some of the priciest home sales in Brooklyn. Thor Equities CEO Joseph Sitt in 2017 dropped $11.6 million for a 5,000-square-foot home at 1993 East Fifth Street — a short walk from Avenue T.