BWH Group pays $3.8M for 24-unit dev site in Bedford Stuyvesant

BWH Group through the entity 48 Somers LLC paid $3.8 million to Haim Levy through the entity 48 Somers Holding LLC for the 24-unit development site (V1) at 48 Somers Street in Bedford Stuyvesant, Brooklyn.

On the lot, there is one active new building construction project for a 24-unit, 33,760 square-foot residential (R-2) building. The project was developed by Haim Levy with plans filed January 7, 2016 and permitted August 28, 2017.
The deal closed on March 23, 2023 and was recorded on March 24, 2023.
The seller bought the property on May 7, 2015, for $2.1 million. The signatory for Haim Levy was Haim Levy. The signatory for BWH Group was Daniel Grinshteyn. Daniel Grinshteyn is managing principal with BWH Group.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Daniel Grinshteyn had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Haim Levy purchased three properties in one transactions for a total of $4.5 million and had not sold any properties over the same time period.

The property

The 48 Somers Street parcel has frontage of 60 feet and is 150 feet deep with a total lot size of 8,675 square feet. The lot is irregular. 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 $617,000.

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 received $960 in OATH penalties in the last year.

The neighborhood

In Bedford Stuyvesant, the bulk, or 34 percent of the 53.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Bedford Stuyvesant has 2.4 times the average sales volume among other neighborhoods with $827.9 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Bedford Stuyvesant has 3.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 3.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 22 commercial properties representing 81,750 square feet of the 140,206 square feet. The largest owner is Urban Strategies Management, followed by Services for the Underserved and then Melekh Shalom.
On the tax block, there was one new building construction project filed totaling 33,760 square feet. It is a 24-unit, 33,760-square-foot R-2 building developed by Haim Levy with plans filed January 7, 2016 and permitted August 28, 2017.

The majority, or 68 percent of the 140,206 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Haim Levy owned at least three commercial properties in New York City with 4,800 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 4,800 square feet of built space are C0 properties, with specialty properties next occupying 0 percent of the space. They are all located in Brooklyn.

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