Benjamin Goldberg pays $11.2M to Mordechai Schwimmer for 14-unit rental in Williamsburg

Benjamin Goldberg through the entity 563 Flushing Holdings LLC paid $11.2 million to Mordechai Schwimmer through the entity 563 Flushing De LLC for the 14-unit residential elevator building (D7) at 563 Flushing Avenue in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on February 4, 2025 and was recorded on February 12, 2025. The property has 28,158 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $397 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 Mordechai Schwimmer was Mordechai Schwimmer. The signatory for Benjamin Goldberg was Benjamin Goldberg. The contract date was February 4, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Benjamin Goldberg had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mordechai Schwimmer 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 Pincus Schwimmer, head officer. The business entity is 563 Flushing Llc. The 28,158-square-foot property generated revenue of $655,528 or $23 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 14 residential units in Williamsburg has 28,158 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 100 feet deep with a total lot size of 4,250 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2008 and expires in 2023. The city-designated market value for the property in 2022 is $2.4 million. The most recent loan totaled $6.6 million and was provided by Cantor Commercial Real Estate Lending on February 28, 2020.

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 $150 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 17, 2018. 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 nine of the 11 commercial properties representing 125,802 square feet of the 135,652 square feet. The largest owner is Michael Wilhelm, followed by Qaisra Khan and then Pincus Schwimmer.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 135,652 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Mordechai Schwimmer owned at least eight commercial properties with 139 residential units in New York City with 43,038 square feet and a city-determined market value of $12.8 million. (Market value is typically about 50% of actual value.) The portfolio has $88.6 million in debt, with top three lenders as Bank of Princeton, BridgeCity Capital, and Valley National Bank respectively. Within the portfolio, the bulk, or 49 percent of the 43,038 square feet of built space are elevator properties, with walkup properties next occupying 36 percent of the space. The bulk, or 87 percent of the built space, is in Brooklyn, with Queens next at 13 percent of the space.

Direct link to Acris document. link