Ben-Josef Group Holdings pays $4.2M for 8-unit walkup in Bedford Stuyvesant

Ben-Josef Group Holdings through the entity 856 Hancock Street Development LLC paid $4.2 million to Aron Herczl through the entity Ah Clinton Realty LLC for the eight-unit residential walkup building (C1) at 856 Hancock Street in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on November 19, 2024 and was recorded on December 3, 2024. The property has 5,740 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $731 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 May 8, 2019, for $1.4 million. The signatory for Aron Herczl was Aron Herczl. The signatory for Ben-Josef Group Holdings was Asaf Dror. The contract date was November 17, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ben-Josef Group Holdings purchased six properties in six transactions for a total of $105.8 million and has no record it sold any properties over the past 24 months.
The seller Aron Herczl had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Oneta Holas, individual owner.

The property

The residential walkup building with 8 residential units in Bedford Stuyvesant has 5,740 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,733 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 $430 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 15, 2024. 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 five of the eight commercial properties representing 120,140 square feet of the 131,940 square feet. The largest owner is Nyc Department Of Education, followed by Joel Sadrinas and then Drepaul Seecharran.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 131,940 square feet of built space are specialty buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Aron Herczl owned at least three commercial properties with 24 residential units in New York City with 23,835 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) The portfolio has $10.2 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Ben-Josef Group Holdings owned at least five commercial properties with 138 residential units in New York City with 274,157 square feet and a city-determined market value of $82.1 million. (Market value is typically about 50% of actual value.) The portfolio has $119.2 million in debt, borrowed from Bank of America and Ben-Josef Group Holdings. Within the portfolio, the bulk, or 63 percent of the 274,157 square feet of built space are office properties, with elevator properties next occupying 35 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Brooklyn next at 35 percent of the space.

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