Alley Property pays $7M for two school properties in Borough Park

Alley Property through the entity 1017-1021 LLC paid $7 million to the school Nesivos Bais Yaakov for the school building (W2) at 1021 45th Street and the six-unit specialty building (W2) at 1017 45th Street in Borough Park, Brooklyn.
The deal closed on March 31, 2026 and was recorded on April 13, 2026. The two properties have 15,088 square feet of built space and 1,652 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $463 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 Nesivos Bais Yaakov was Samuel Wolner. The signatory for Alley Property was Avrohom Schlaff . The contract date was April 11, 2018.

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 1021 45th Street.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Alley Property had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nesivos Bais Yaakov had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Borough Park has 15,088 square feet of built space and 1,652 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,005 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,400 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 3.4 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 1021 45th Street, PincusCo has identified the owners of three of the 18 commercial properties representing 81,800 square feet of the 176,368 square feet. The largest owner is Southern Brooklyn Community Organization, followed by Zalmen Management and then Robert Rosenberg.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 176,368 square feet of built space are walkup buildings, with mixed-use buildings next occupying 19 percent of the space.

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