Benjamin Silberstein pays $2.6M to Shel Capital for mixed-use in Williamsburg

Benjamin Silberstein through the entity 590 Broadway Ny LLC paid $2.6 million to Shel Capital through the entity Zs 590 LLC for four-unit mixed-use building (S4) at 590 Broadway in Williamsburg, Brooklyn.
The deal closed on August 8, 2022 and was recorded on August 23, 2022. The property has 4,350 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $609 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 September 7, 2017, for $1.2 million. The signatory for Shel Capital was David R. Mashaal. The signatory for Benjamin Silberstein was Benjamin Silberstein.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Benjamin Silberstein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shel Capital purchased 10 properties in five transactions for a total of $75.8 million and sold one property in one transaction for a total of $7.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jonathan Bakhash, head officer and Austen Rabbie, site manager. The business entity is Zs 590 Llc. The 4,350-square-foot property generated revenue of $83,999 or $19 per square foot, according to the most recent income and expense figures.

The property

The 590 Broadway parcel has frontage of 29 feet and is 64 feet deep with a total lot size of 1,740 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $843,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Williamsburg, the bulk, or 39 percent of the 50 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 8th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Williamsburg is the 9th most active neighborhood among other neighborhoods. It had 5.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 4,350 square feet of the 33,213 square feet. The identified owner is Shel Capital.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 21,988 square feet of built space are mixed-use buildings, with retail buildings next occupying 7 percent of the space.

The seller

The PincusCo database currently indicates that Shel Capital owned at least 28 commercial properties in New York City with 459,505 square feet and a city-determined market value of $113.3 million. (Market value is typically about 50% of actual value.) The portfolio has $29.1 million in debt, borrowed from Citibank. Within the portfolio, the bulk, or 47 percent of the 459,505 square feet of built space are walkup properties, with office properties next occupying 23 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.

The buyer

The PincusCo database currently indicates that Benjamin Silberstein owned at least three commercial properties in New York City with 43,401 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 43,401 square feet of built space are elevator properties, with walkup properties next occupying 13 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.

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