Ben-Josef Group pays $43.5M to Benchmark, for 67-unit rental in Brooklyn Heights, was $50M in 2015

Ben-Josef Group Holdings through the entity 25 Monroe Development LLC paid $43.5 million to Benchmark Real Estate Group through the entity 25 Monroe Place Lp for the 67-unit residential elevator building (D3) at 25 Monroe Place in Brooklyn Heights, Brooklyn. The expected use is cash flowing.
The deal closed on September 16, 2024 and was recorded on October 8, 2024. The property has 60,720 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $716 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 July 28, 2015, for $50 million. The signatory for Benchmark Real Estate Group was Jordan Vogel. The signatory for Ben-Josef Group Holdings was Asaf Dror. The contract date was September 16, 2024. The last loan was $35 million in 2020 from MetLife.
This purchase was financed with the assumption of $33.7 million in debt by an entity at the same address as Ben-Josef Group Holdings, and with Ronen Ben-Josef as the lender signatory.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ben-Josef Group Holdings purchased five properties in five transactions for a total of $62.3 million and has no record it sold any properties over the past 24 months.
The seller Benchmark Real Estate Group purchased four properties in two transactions for a total of $69.8 million and sold five properties in five transactions for a total of $36.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jordan Vogel, head officer and Aaron Feldman, officer. The business entities are 215 and 25 Monroe Place Realty Lp.

The property

The residential elevator building with 67 residential units in Brooklyn Heights has 60,720 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 73 feet and is 100 feet deep with a total lot size of 7,300 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $18.9 million. The most recent loan totaled $35 million and was provided by MetLife on March 9, 2020. The property has 10 rent regulated units according to city tax records from 2023.

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 three housing violations 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 14 of the 16 commercial properties representing 238,283 square feet of the 250,371 square feet. The largest owner is Benchmark Real Estate Group, followed by City Of New York and then Pete Eliou.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 250,371 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Benchmark Real Estate Group owned at least 11 commercial properties with 400 residential units in New York City with 310,930 square feet and a city-determined market value of $112.8 million. (Market value is typically about 50% of actual value.) The portfolio has $143.5 million in debt, with top three lenders as Signature Bank, MetLife, and Starwood Property Trust respectively. Within the portfolio, the bulk, or 81 percent of the 310,930 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.

The buyer

The PincusCo database currently indicates that Ben-Josef Group Holdings owned at least three commercial properties with 71 residential units in New York City with 40,329 square feet and a city-determined market value of $10.3 million. (Market value is typically about 50% of actual value.) The portfolio has $13.5 million in debt, borrowed from Ben-Josef Group Holdings. Within the portfolio, the bulk, or 84 percent of the 40,329 square feet of built space are elevator properties, with M1 properties next occupying 16 percent of the space. The bulk, or 84 percent of the built space, is in Brooklyn, with Manhattan next at 16 percent of the space.

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