Aryeh, Rachel Singer pay $10.6M for yeshiva dev site in Bensonhurst

Aryeh Leibesh Singer and Rachel Singer through the entity 1675 63 St Holding LLC paid $10.6 million to the entity 1675 LLC for the industrial building (E1) at 1675 63rd Street in Bensonhurst, Brooklyn. The expected use is cash flowing.
On the lot, there is one active new building construction project, B00971872, for a 42,032 square-foot 57 building. The project was submitted by Moshe Singer and filed by Moshe Singer with plans filed December 7, 2023 and it has not been permitted yet.
The deal closed on October 15, 2024 and was recorded on October 28, 2024. The property has 16,480 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $641 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 March 16, 2004, for $2.6 million. The signatory for the seller Elliot Shindler was Jeffrey Zwick. The signatory for Aryeh Leibesh Singer and Rachel Singer was Aryeh Leibesh Singer. The contract date was January 18, 2023. Elliot Shindler signed a loan document as “member” in 2004.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aryeh Leibesh Singer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Elliot Shindler had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Bensonhurst has 16,480 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 200 feet deep with a total lot size of 16,000 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 $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.

The neighborhood

In Bensonhurst, The bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has 1.3 times the average sales volume among other neighborhoods with $321.5 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 389,355 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 23 commercial properties representing 12,320 square feet of the 119,920 square feet. The largest owner is Mohammed El Khatib, followed by David Hochhauser and then Blimie Perlstein.
On the tax block, there were two new building construction projects totaling 44,992 square feet. The largest is a 42,032 square-foot 57 building submitted by Moshe Singer and filed by Moshe Singer with plans filed December 7, 2023 and it has not been permitted yet. The second largest is a 2,960 square-foot mercantile (M) building submitted by Carmelo Re with plans filed April 13, 2017 and permitted May 15, 2018.

The majority, or 75 percent of the 119,920 square feet of built space are industrial buildings, with mixed-use buildings next occupying 16 percent of the space.

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