Ben-Josef Group Holdings pays $38M to Witnick for 43-unit rental in Williamsburg

Ben-Josef Group Holdings through the entity 525 Union Development LLC paid $38 million to Witnick Real Estate Partners through the entity 525-535 Union Partners LLC for the 43-unit rental building (C1) at 525 Union Avenue in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on March 31, 2026 and was recorded on April 8, 2026. The property has 64,650 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $587 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 June 9, 2023, for $26.8 million. The signatory for Witnick Real Estate Partners was Isaac Abraham . The signatory for Ben-Josef Group Holdings was Ronen Ben-Josef . The contract date was February 19, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Ben-Josef Group Holdings purchased four properties in four transactions for a total of $120.9 million and has no record it sold any properties over the past 24 months.
The seller Witnick Real Estate Partners purchased 15 properties in eight transactions for a total of $94.6 million and sold two properties in two transactions for a total of $34.5 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Ramiel Benyehuda, head officer. The business entity is 525-535 Union Partners Llc. The 64,650-square-foot property generated revenue of $2 million or $31 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 43 residential units in Williamsburg has 64,650 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 100 feet deep with a total lot size of 15,550 square feet. The lot is irregular. The zoning is M1-2/R6 which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2.43 times FAR for residential. The property has a 421A exemption that started in 2010 and expires in 2025. The city-designated market value for the property in 2022 is $12.2 million. The property has 43 rent regulated units according to city tax records from 2024.

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 six housing violations and $1,400 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 this tax block, PincusCo has identified the owners of three of the six commercial properties representing 126,538 square feet of the 138,678 square feet. The largest owner is Witnick Real Estate Partners, followed by Berel Jacobowitz and then Roman Catholic Church.
On the tax block, there were two new building construction projects totaling 113,002 square feet. The largest is a 99-unit, 83,318 square-foot residential (R-2) building submitted by David Grunfeld and filed by David Grunfeld with plans filed April 8, 2025 and it has not been permitted yet. The second largest is a 23-unit, 29,684 square-foot residential (R-2) building submitted by Joel Braver and filed by Joel Braver with plans filed March 15, 2018 and it has not been permitted yet.

The majority, or 52 percent of the 138,678 square feet of built space are walkup buildings, with elevator buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Witnick Real Estate Partners owned at least 43 commercial properties with 910 residential units in New York City with 699,688 square feet and a city-determined market value of $182.7 million. (Market value is typically about 50% of actual value.) The portfolio has $180.9 million in debt, with top three lenders as Arbor Realty Trust, Dime Community Bank, and Webster Bank respectively. Within the portfolio, the bulk, or 60 percent of the 699,688 square feet of built space are walkup properties, with elevator properties next occupying 40 percent of the space. The bulk, or 41 percent of the built space, is in Manhattan, with Brooklyn next at 39 percent of the space.

The buyer

The PincusCo database currently indicates that Ben-Josef Group Holdings owned at least seven commercial properties with 146 residential units in New York City with 355,318 square feet and a city-determined market value of $116.3 million. (Market value is typically about 50% of actual value.) The portfolio has $181.7 million in debt, borrowed from Ben-Josef Group Holdings and Bank of America. Within the portfolio, the bulk, or 49 percent of the 355,318 square feet of built space are office properties, with elevator properties next occupying 27 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 28 percent of the space.

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