Aron Blum pays $4.4M for industrial in Bedford Stuyvesant

Aron Blum through the entity 111 Spencer LLC paid $4.4 million to Tobias Strulovitch through the entity Tal Hashmayim LLC for the industrial building (E1) at 111 Spencer Street in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on April 16, 2026 and was recorded on April 24, 2026. The property has 5,000 square feet of built space for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $880 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 seller bought the property on July 19, 2023, for $7.5 million. The signatory for Tobias Strulovitch was Tobias Strulovitch. The contract date was August 28, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Aron Blum had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Tobias Strulovitch had not purchased any other properties and had not sold any properties over the same time period. The 5,000-square-foot property generated revenue of $85,200 or $17 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Bedford Stuyvesant has 5,000 square feet of built space for a total buildable of 5,000 square feet 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 5,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $391,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has 3.8 times the average sales volume among other neighborhoods with $1.3 billion in sales volume in the last two years and is the 2nd highest in Brooklyn. For development, Bedford Stuyvesant has 2 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 3.2 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 this tax block, PincusCo has identified the owners of 10 of the 28 commercial properties representing 32,500 square feet of the 80,040 square feet. The largest owner is Meir Stern, followed by Tobias Strulovitch and then Shloma Stuhl.
On the tax block, there were two new building construction projects totaling 55,031 square feet. The largest is a 38-unit, 47,532 square-foot residential (R-2) building submitted by Hershy Silberstein and filed by Hershy Silberstein with plans filed August 27, 2025 and it has not been permitted yet. The second largest is a three-unit, 7,498 square-foot residential (R-2) building submitted by Shloma Stuhl with plans filed November 30, 2023 and it has not been permitted yet.

The majority, or 40 percent of the 80,040 square feet of built space are industrial buildings, with mixed-use buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Tobias Strulovitch owned at least two commercial properties in New York City with 10,000 square feet and a PincusCo-determined asset value of $8.9 million. The portfolio has $7.9 million in debt, borrowed from FinWise Bank. Within the portfolio, the bulk, or 50 percent of the 10,000 square feet of built space are industrial properties, with retail properties next occupying 50 percent of the space.

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