Congregation Binyan Shloime pays $3.9M for second property on Borough Park block

Congregation Binyan Shloime through the entity Congregation Binyan Shloime paid $3.9 million for the three-unit building (C0) at 1542 47th Street in Borough Park, Brooklyn. The congregation paid $2.9 million in October for the three-unit building next door, at 1554 47th Street.
The deal closed on December 24, 2024 and was recorded on January 10, 2025. The property has 4,416 square feet of built space and 5,329 square feet of additional air rights for a total buildable of 9,737 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $883 and the price per buildable square foot is $400 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 signatories for the sellers were Chaim J. Tauber and Isaac Tauber. The signatory for Congregation Binyan Shloime was Yisroel Schwartz. The contract date was November 12, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Congregation Binyan Shloime purchased one property in one transaction for a total of $2.9 million and has no record it sold any properties over the past 24 months.
The seller Chaim J. Tauber had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Chaim Tauber, head officer and Isaac Tauber, officer.

The property

The 1-4 family building with 3 residential units in Borough Park has 4,416 square feet of built space and 5,329 square feet of additional air rights for a total buildable of 9,737 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,007 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 $3 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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the 18 commercial properties representing 68,106 square feet of the 231,187 square feet. The identified owner is David Nierenberg.
On the tax block, there was one new building construction project filed totaling 4,386 square feet. It is a two-unit, 4,386 square-foot residential (R-3) building submitted by Arnold Fishman with plans filed December 28, 2023 and it has not been permitted yet.

The majority, or 52 percent of the 231,187 square feet of built space are specialty buildings, with elevator buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Congregation Binyan Shloime owned at least one commercial property with three residential units in New York City with 2,716 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C0 property. It is located in Brooklyn.

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