Beitel Group files plans for 32K sf office building in Borough Park

1555 60th Street (Credit - Google)

1555 60th Street (Credit - Google)

Binyamin Beitel, CEO of Beitel Group submitted a new building construction project for a 32,054 square-foot, commercial and community facility building at 1555 60th Street in Borough Park, Brooklyn. The plan was filed with the New York City Department of Buildings on July 24, 2023 under job number B00888138. It calls for the construction of an eight-story building. The project is described in the filing as: proposed eight-story commercial and community facility building. The architect is S. Wieder Architect P.C.

The property

The existing building in Borough Park has 8,000 square feet of built space and 24,036 square feet of additional air rights for a total buildable of 32,048 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,012 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $652,000.

Prior sales and revenue

This property was sold by William Nussen for $4 million to Beitel Group on May 16, 2023.

The 8,000-square-foot property generated revenue of $98,596 or $12 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 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 near average sales volume among other neighborhoods with $476.9 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 20th highest in Brooklyn. It had 814,800 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 24,613 square feet of the 72,109 square feet. The largest owner is Beitel Group, followed by Braverhood and then Joshua Dembitzer. On the tax block, there was one new building construction project filed totaling 32,054 square feet. It is a 32,054 square-foot 56 building submitted by Beiterl Group and filed by Binyamin Beitel with plans filed July 24, 2023 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Beitel Group owned at least 10 commercial properties with 112 residential units in New York City with 328,687 square feet and a city-determined market value of $34.6 million. (Market value is typically about 50% of actual value.) The portfolio has $159.2 million in debt, with top three lenders as MF1 Capital, BridgeCity Capital, and Cerco Funding respectively. Within the portfolio, the bulk, or 36 percent of the 328,687 square feet of built space are industrial properties, with elevator properties next occupying 33 percent of the space. The bulk, or 61 percent of the built space, is in Brooklyn, with Bronx next at 39 percent of the space.

The surrounding

Within a 400-foot radius of 1555 60 Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a sale which Braverhood bought the 5,745-square-foot, one-unit office building (O2) on 1527 60th Street for $10 million from William Nussen and Malka Nussen on June 21, 2023.

Direct link to the property’s ACRIS page and link to DOB NOW portal.

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