Baruch Frankel pays $1.9M to Leonid Sorkin for mixed-use in Bedford Stuyvesant

Baruch Frankel through the entity 1004 Management LLC paid $1.9 million to Leonid Sorkin through the entity L&M 353 Franklyn Avenue LLC for the three-unit mixed-use building (S3) at 353 Franklin Avenue in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on July 15, 2025 and was recorded on July 25, 2025. The property has 4,000 square feet of built space and 838 square feet of additional air rights for a total buildable of 4,836 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $462 and the price per buildable square foot is $382 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 Leonid Sorkin was an attorney, Yevgeny Tsyngauz . The signatory for Baruch Frankel was Baruch Frankel. The contract date was April 17, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Baruch Frankel purchased one property in one transaction for a total of $2.1 million and sold three properties in one transaction for a total of $4.8 million over the past 24 months.
The seller Leonid Sorkin had not purchased any other properties and sold two properties in two transactions for a total of $3.5 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Natalia Sorkin, individual owner.

The property

The mixed-use building with 3 residential units in Bedford Stuyvesant has 4,000 square feet of built space and 838 square feet of additional air rights for a total buildable of 4,836 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 1,612 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $600,000. The most recent loan totaled $5.6 million and was provided by Medallion Bank on March 8, 2021.

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 $1,250 in ECB penalties, nine housing violations, and $1,850 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 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 the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 1.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.5 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 were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 24 commercial properties representing 59,046 square feet of the 105,509 square feet. The largest owner is Abe Lofler, followed by Jose Guzman and then Abraham Waldman.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 105,509 square feet of built space are walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Leonid Sorkin owned at least one commercial property with three residential units in New York City with 3,488 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) The portfolio has $5.6 million in debt, borrowed from Medallion Bank. The portfolio consists of at least a single C0 property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Baruch Frankel owned at least two commercial properties with three residential units in New York City with 6,900 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 6,900 square feet of built space are mixed-use properties, with specialty properties next occupying 42 percent of the space. They are all located in Brooklyn.

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