Aron Langsam pays $6M for 3 properties in Borough Park

Aron Langsam through the entity 4307-11 13th Avenue Realty, LLC paid $6 million to Hindy Caller through the entity Leknoy Realty, Inc. for the two-unit mixed-use building (S2) at 4311 13th Avenue in Borough Park, Brooklyn, mixed-use building (K4) at 4307 13th Avenue in Borough Park, Brooklyn, and mixed-use building (K4) at 4309 13th Avenue in Borough Park, Brooklyn. The expected use is cash flowing.
The deal closed on December 11, 2024 and was recorded on January 8, 2025. The three properties have 9,024 square feet of built space and 2,624 square feet of additional air rights for a total buildable of 11,664 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $664 and the price per buildable square foot is $514 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 Hindy Caller was Hindy Caller, at the address of the law firm NC Caller, at 4309 13th Avenue. The signatory for Aron Langsam was Aron Langsam. The contract date was July 9, 2024. Aron Langsam operates the Judaica Corner bookstore on the same block at 4301 13th Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aron Langsam had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hindy Caller had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Borough Park has 9,024 square feet of built space and 2,624 square feet of additional air rights for a total buildable of 11,664 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $442,000.

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 one DOB violation 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 $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 2.4 times the average sales volume among other neighborhoods with $634.9 million in sales volume in the last two years and is the 7th 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 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 4307 13th Avenue, PincusCo has identified the owners of three of the 34 commercial properties representing 10,800 square feet of the 129,528 square feet. The two identified owners are Yitzchok D. Rubashkin and Moses Eckstein.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 129,528 square feet of built space are mixed-use buildings, with walkup buildings next occupying 41 percent of the space.

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