Congregation Satmar signs contract for new building in Borough Park

Congregation Satmar through the entity Cong Satmar 13th Ave Inc. signed a contract as buyer to pay an undisclosed amount to the entity 4202 13 Ave LLC, in care of Israel Elbogen, for the retail building (O5) at 4202 13th Avenue in Borough Park, Brooklyn. No closing date was provided.
The memorandum of contract was signed on April 3, 2025 and was recorded on May 28, 2025. The property has 14,409 square feet of built space according to a PincusCo analysis of city data.
Israel Elbogen bought the property on May 1, 2017, for $1.6 million, then developed the new building on the site.
The signatory for the seller is Israel Elbogen, the signatory for the Congregation Satmar was David Berger. It was not clear what branch of the Satmars had signed the contract or for what purpose. Congregation Yetev Lev D’Satmar is located 10 blocks south on 52nd Street between 13th Avenue and 14th Avenue, and has purchased several buildings in recent years.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Congregation Satmar had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Israel Elbogen had not purchased any other properties and sold one property in one transaction for a total of $11.5 million over the same time period. The 14,409-square-foot property generated revenue of $472,903 or $33 per square foot, according to the most recent income and expense figures.

The property

The retail building in Borough Park has 14,409 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 80 feet deep with a total lot size of 4,814 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 $2.4 million. The most recent loan totaled $6 million and was provided by Confidential Lending Partners LLC on May 31, 2022.

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

For the tax lot building, it received its initial certificate of occupancy on March 7, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2.8 times the average sales volume among other neighborhoods with $751.9 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 18th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 31,027 square feet of the 121,436 square feet. The largest owner is Jacob Fulop, followed by Israel Elbogen and then Elimelech Aber.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 121,436 square feet of built space are walkup buildings, with mixed-use buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Israel Elbogen owned at least one commercial property in New York City with 9,606 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt. The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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