Aron Welz pays $5.3M for likely dev site in Borough Park

Aron Welz through the entity Waterfall Builders LLC paid $5.3 million to John Salvatore Culmine and Joseph Dominick Culmine for the three-unit building (C0) at 1527 54th Street in Borough Park, Brooklyn. The expected use is ground up development.
The deal closed on March 5, 2026 and was recorded on March 20, 2026. The property has 2,698 square feet of built space and 10,443 square feet of additional air rights for a total buildable of 13,148 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,968 and the price per buildable square foot is $403 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 John Salvatore Culmine and Joseph Dominick Culmine was John Salvatore Culmine and Joseph Dominick Culmine. The signatory for Aron Welz was Aron Welz. The contract date was October 3, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Aron Welz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John Salvatore Culmine had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes John Culmine, head officer and Joseph Culmine, officer. The business entity is The Culmine Family Limited Partnership.

The property

The 1-4 family building with 3 residential units in Borough Park has 2,698 square feet of built space and 10,443 square feet of additional air rights for a total buildable of 13,148 square feet according to a PincusCo analysis of city data. The parcel has frontage of 67 feet and is 80 feet deep with a total lot size of 5,411 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 $1.9 million.

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 received $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 block

On the tax block, there were two new building construction projects totaling 12,502 square feet. The largest is a two-unit, 6,750 square-foot residential (R-3) building submitted by Elchunen Roth with plans filed January 19, 2021 and it has not been permitted yet. The second largest is a one-unit, 5,752 square-foot residential (R-3) building submitted by Aryeh L Singer with plans filed October 21, 2021 and permitted June 18, 2022.

The majority, or 73 percent of the 66,616 square feet of built space are walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

Direct link to Acris document. link