Ocean Spends $1.45M On 7 Houses

An affiliate company of the local mega-landlord Ocean Management spent $1.45 million buying seven different two- and three-family houses in Jocelyn Square, Fair Haven, the Hill, and Newhallville, in the city’s latest property transactions.

According to the city land record database, on Jan. 6, SAP Re Holdings LLC, a holding company owned by Ocean Management principal Shmuel Aizenberg, bought those seven different properties containing 19 total apartments from holding companies owned in full or in part by Dix Hills, New York-based landlord James Weller.

SAP bought the three-family house at 485 East St. for $232,500 from Triple W Enterprises LLC, a holding company owned by Weller, Jeffrey Jay Weberman, and William Weller. That property last sold for $113,333 in 2015. The city last appraised it as worth $131,100.

It bought the three-family house at 487 East St. for $232,500 from Triple W Enterprises LLC. That property last sold for $113,333 in 2015. The city last appraised it as worth $127,800.

It bought the two-family house at 17 Walnut St. for $155,000 from Triple W Enterprises LLC. That property last sold for $113,334 in 2015. The city last appraised it as worth $97,100.

In Fair Haven, Aizenberg’s SAP bought the two-family house at 155 Fillmore St. for $155,000 from W Squared Enterprises LLC. That property last sold for $70,000 in 2015. The city last appraised it as worth $99,600.

In the Hill, SAP bought the three-family house at 4 Button St. for $232,500 from W Squared Enterprises LLC. That property last sold for $115,000 in 2016. The city last appraised it as worth $123,200.

And it bought the three-family house at 92 Truman St. for $232,500 from W Squared Enterprises LLC. That property last sold for $130,000 in 2016. The city last appraised it as worth $127,600.

And in Newhallville, SAP bought the three-family house at 209 Dixwell Ave. for $210,000 from Weller’s 409 Dixwell LLC. That property last sold for $135,000 in 2014. The city last appraised it as worth $158,500.

Aizenberg did not respond to a request for comment for this article. His real estate company has been one of the fastest growing in the city in recent years, having spent over $6.7 million buying 14 properties containing 70 different apartments last year alone.

2‑Family’s Price More Than Doubles In 5 Years

In other recent property sales, a two-family house on Mechanic Street in the Goatville/East Rock neighborhood sold for more than double its appraised value, and more than double the amount it last sold for five years ago.

On Jan. 2, Lingquxiu Zhong purchased 54 Mechanic St. from 54 Mechanic St LLC for $835,000.

That property last sold for $365,000 in 2015, and the city last appraised it as worth $389,100.

The seller, 54 Mechanic St LLC, is a holding company owned by Jacob and Josef Feldman, the New York brothers behind the locally based development firm MOD Equities.

The Feldmans recently announced that they plan to convert the former Church of the Redeemer building just a few blocks away on Whitney Avenue into 24 market-rate apartments.

Previous property sale coverage:

• 66 Norton Sells For $1.46M
• Mandy’s Buying Spree Tops $16.1M
• ​“Rt. 34 West” Hotel Site Sold For $2.8M
• Spinnaker Flips Comcast Project For $14.6M
• Sherman Medical Building Sells For $2.7M
• Pike, Mandy Spend $2M+ In Latest Buys
• 200+ Apartments Planned At Empty Eyesore
• Annex Apartments Sold For $3.95M
• Mill River Office Building Sold For $4.65M
• Local Landlords, Albertus Magnus Expand
• Mandy Buys Warehouse For $1.6M
• Pike Collects $890K On Wooster Sq. Sales
• Springside Apartments Sell For $3.2M
• Family Dollar Sells For 1.8M Dollars
• Pike Sells 2 Buildings To Yale For $3.8M
• Mansion Sells For Only $1.45M
• Landlord Tops 340 Units
• High Street Apts Sell For $25M+
• St. Michael’s School Sold, For Apartments
• Ocean Management Acquires Perrotti Westville Properties
• Paris Realty Picks Up 6 Q Meadows Condos
• Landlord Boosts West River Condo Holdings
• $21 Million Changes Hands In 2 Days
• 50 Factory Jobs Coming To Fair Haven
• Brendan Towers Sold For $6M+
• Investors Drop $917K On West Side Condos
• Mandy’s 2018 Buying Spree Nears $13M
• Mandy Empire Buys Up The Block
• Roots Planted In Newhallville
• Latest Sales: Mandy Buying Spree Continues
• Latest Sales: Mandy Expands In City Point
• Latest Sales: East Rock Home Buy Tops $1M
• Latest Deals: Beulah’s 5th Rehab On Block
• Latest Sales: NHR Sheds Small To Focus Big
• Latest Sales: Mandy Buys In Heights
• Home Sale Price Doubles In 13 Years