Avery Hall, Brodsky Org. pay $49M for dev site in Crown Heights

Avery Hall Investments and Brodsky Organization paid $49 million to two sellers in two transactions for a development site in Crown Heights, Brooklyn.

In the larger transaction, Avery Hall Investments and Brodsky Organization through the entity Pacific Dean Owner LLC paid $33 million to Nadine Oelsner through the entity 962 Pacific St LLC for the development parcel (V1) at 962 Pacific Street in Crown Heights, Brooklyn. The expected use is ground up development.
The deal closed on April 14, 2026 and was recorded on April 29, 2026. The property has zero square feet of built space and 33,415 square feet of additional air rights for a total buildable of 33,415 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $987 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 Nadine Oelsner was Nadine Oelsner. The signatory for Avery Hall Investments , Brodsky Organization , and Monadnock Construction was Avishy Fisher . The contract date was November 18, 2025. The Real Deal reported on the transaction but did not include the total price. It identified Brodsky Organization as a partner and said Monadnock Construction would be the construction manager.

In the second transaction, Avery Hall Investments, Brodsky Organization, and Monadnock Construction through the entity Pacific Dean Owner, LLC paid $16 million to Albert Appleton through the entity Dean And Classon Properties LLC for the industrial building (G7) at 863 Dean Street in Crown Heights, Brooklyn. The expected use is ground up development.
The deal closed on April 14, 2026 and was recorded on April 29, 2026. The property has zero square feet of built space and 16,500 square feet of additional air rights for a total buildable of 16,500 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $969 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 Albert Appleton was Albert Appleton. The signatory for Avery Hall Investments , Brodsky Organization , and Monadnock Construction was Avishy Fisher . The contract date was October 8, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Avery Hall Investments purchased one property in one transaction for a total of $10.1 million and has no record it sold any properties over the past 24 months.
The seller Nadine N. Oelsner had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 323 feet and is 110 feet deep with a total lot size of 33,415 square feet. The lot is irregular. 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 $2.7 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 $350 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 Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 2.5 times the average sales volume among other neighborhoods with $854.3 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Crown Heights has 1.4 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.2 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.

The block

On this tax block, PincusCo has identified the owners of 11 of the 33 commercial properties representing 12,833 square feet of the 63,450 square feet. The largest owner is Nadine N. Oelsner, followed by Clipper Equity and then Black Spruce Management.
On the tax block, there were two new building construction projects totaling 85,717 square feet. The largest is a 73-unit, 54,137 square-foot residential (R-2) building submitted by David Salamon and filed by David Salamon with plans filed March 31, 2026 and it has not been permitted yet. The second largest is a 46-unit, 31,580 square-foot residential (R-2) building submitted by Solomon Schwimmer and filed by Solomon Schwimmer with plans filed December 10, 2021 and permitted March 23, 2022.

The majority, or 71 percent of the 63,450 square feet of built space are industrial buildings, with walkup buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Nadine N. Oelsner owned at least two commercial properties in New York City with 20,248 square feet and a PincusCo-determined asset value of $20.9 million. The portfolio has $26 million in debt, borrowed from Knighthead Funding. Within the portfolio, all identified are retail properties.

The buyer

The PincusCo database currently indicates that Brodsky Organization owned at least 67 commercial properties with 7,871 residential units in New York City with 7,420,835 square feet and a PincusCo-determined asset value of $4.1 billion. The portfolio has $786.1 million in debt, with top three lenders as Bank of New York Mellon, M&T Bank, and AXA Equitable respectively. Within the portfolio, the bulk, or 76 percent of the 7,420,835 square feet of built space are elevator properties, with condo properties next occupying 17 percent of the space. The bulk, or 74 percent of the built space, is in Manhattan, with Brooklyn next at 25 percent of the space.
The PincusCo database currently indicates that Avery Hall Investments owned at least 67 commercial properties with 7,871 residential units in New York City with 7,420,835 square feet and a PincusCo-determined asset value of $4.1 billion. The portfolio has $598.9 million in debt, with top three lenders as QuadReal Property Group, KKR & Co., and JLL respectively. Within the portfolio, the bulk, or 76 percent of the 7,420,835 square feet of built space are elevator properties, with condo properties next occupying 17 percent of the space. The bulk, or 74 percent of the built space, is in Manhattan, with Brooklyn next at 25 percent of the space.

Direct link to Acris document. link
Direct link to Acris document. link