Congregation Yad Hakohen Dushinsky acquires dev site title in Kensington, borrows $11.2M

Congregation Yad Hakohen Dushinsky, which also uses the name Yeshiva Toras Aish Dushinsky, through the entity YTAD 18th LLC acquired title from Yadler Rabinowitz through the entity YBYT 18th Avenue LLC for the development site at 4030 18th Avenue in Kensington, Brooklyn. The transfer was valued at $4.1 million. The expected use is ground up development.
The deal closed on May 30, 2025 and was recorded on June 10, 2025. The property has 7,496 square feet of built space and 11,428 square feet of additional air rights for a total buildable of 18,942 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $546 and the price per buildable square foot is $216 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 December 30, 2021, for $4.1 million. The signatory for Yadler Rabinowitz was Yadler Rabinowitz. The signatory for Congregation Yad Hakohen Dushinsky was Pinchas Katz . The contract date was May 29, 2025.

Congregation Yad Hakohen Dushinsky through the entity Ytad 18th LLC as borrower signed a new construction loan with lender Bank of Princeton through the entity The Bank Of Princeton valued at $11.2 million.
The deal closed on May 30, 2025 and was recorded on June 10, 2025. The prior lender was Zev Mayer which held debt that had an original loan amount of $3.2 million.The property has 7,496 square feet of built space and 11,428 square feet of additional air rights for a total buildable of 18,942 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,487 and the price per buildable square foot is $588 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.)

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Congregation Yad Hakohen Dushinsky had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yadler Rabinowitz had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Kensington has 7,496 square feet of built space and 11,428 square feet of additional air rights for a total buildable of 18,942 square feet according to a PincusCo analysis of city data. The parcel has frontage of 85 feet and is 109 feet deep with a total lot size of 6,314 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $674,000.

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 $11,280 in ECB penalties and $11,510 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 321748490, for a 18,930 square-foot M building. The project was submitted by Mark Reisman with plans filed May 10, 2018 and it has not been permitted yet.

The neighborhood

In Kensington, The bulk, or 44 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, Kensington has had very little sales volume relative to other neighborhoods with $89.3 million in sales volume in the last two years. For development, Kensington has had very little major development activity relative to other neighborhoods.It had 256,002 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 7,496 square feet of the 113,346 square feet. The identified owner is Ybyt 18th Avenue Llc.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 113,346 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

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