Borough Developers pays $3.6M for 4 dev sites in Williamsburg, plans 32 units

Mendel Berkowitz of Borough Developers paid $3.6 million to Luis Nieves Sanchez for four development parcels in Williamsburg, Brooklyn, with the addresses 96 Moore Street, 103 Moore Street, 105 Moore Street and 107 Moore Street in four separate transactions. Three of the buildings are adjacent while the fourth is across the street on the same block.
On April 19, 2024, Berkowitz filed four major alteration plans, one for each tax lot, calling for an eight-unit building with approximately 2,800 square feet, to be constructed on each property. Those plans have not been permitted. The job numbers are B01035936 (96 Moore), B01035956 (103 Moore), B01035827 (105 Moore) and B01035995 (107 Moore).

In the first transaction, Borough Developers through the entity Moore & Moore LLC paid $1.4 million to Luis Nieves Sanchez through the entity Estate Of Anibal Nieves for the retail building (K1) at 96 Moore Street in Williamsburg, Brooklyn.
The deal closed on June 17, 2024 and was recorded on July 2, 2024. The property has 2,000 square feet of built space and 4,073 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $675 and the price per buildable square foot is $222 per the PincusCo analysis.

In the second, Borough Developers through the entity Moore & Moore LLC paid $0.9 million to Luis Nieves Sanchez through the entity Estate Of Anibal Nieves for the retail building (K1) at 103 Moore Street in Williamsburg, Brooklyn. The deal closed on June 17, 2024 and was recorded on July 2, 2024. The property has 1,250 square feet of built space and 4,823 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $700 and the price per buildable square foot is $144 per the PincusCo analysis.

In the third, Borough Developers through the entity Moore & Moore LLC paid $0.9 million to Luis Nieves Sanchez through the entity Estate Of Anibal Nieves for the retail building (K1) at 105 Moore Street in Williamsburg, Brooklyn. The deal closed on June 17, 2024 and was recorded on July 2, 2024. The property has 1,250 square feet of built space and 4,823 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $710 and the price per buildable square foot is $146 per the PincusCo analysis.

In the fourth, Borough Developers through the entity Moore & Moore LLC paid $0.5 million to Luis Nieves Sanchez through the entity Estate Of Anibal Nieves for the retail building (K1) at 107 Moore Street in Williamsburg, Brooklyn. The deal closed on June 17, 2024 and was recorded on July 2, 2024. The property has 1,875 square feet of built space and 2,679 square feet of additional air rights for a total buildable of 4,553 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $260 and the price per buildable square foot is $107 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 Luis Nieves Sanchez was Luis Nieves Sanchez. The signatory for Borough Developers was Meir David Tabak. The contract date was August 21, 2019. The buyer entity Moore & Moore LLC is registered at the post office box address for Mendel Berkowitz’s Borough Developers, and

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Borough Developers purchased one property in one transaction for a total of $12 million and has no record it sold any properties over the past 24 months.
The seller Luis Nieves Sanchez had not purchased any other properties and had not sold any properties over the same time period.

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 not received any significant violations in the last year.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 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 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Williamsburg has 4 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 4.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 24 commercial properties representing 86,216 square feet of the 139,618 square feet. The largest owner is Sarah Azrak, followed by John Zieran and then Joel Hirsch.
On the tax block, there was one new building construction project filed totaling 5,290 square feet. It is a eight-unit, 5,290 square-foot residential (R-2) building submitted by Yaniv Garbo with plans filed February 4, 2020 and it has not been permitted yet.

The majority, or 34 percent of the 139,618 square feet of built space are walkup buildings, with mixed-use buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Borough Developers owned at least one commercial property in New York City with 57,200 square feet and a city-determined market value of $6.5 million. (Market value is typically about 50% of actual value.) The portfolio has $39 million in debt, borrowed from S3 Capital. The portfolio consists of at least a single V1 property. It is located in Brooklyn.

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