David Brecher pays $13.5M for the 49-unit rental in Clinton Hill

David Brecher through the entity Brelan 420 Clinton LLC paid $13.5 million to Leslie Westreich through the entity 420 Clinton LLC for the 49-unit residential elevator building (D3) at 419 Vanderbilt Avenue in Clinton Hill, Brooklyn. The expected use is cash flowing.
The deal closed on May 29, 2026 and was recorded on June 8, 2026. The property has 60,720 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $222 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 March 26, 2008, for $7.5 million. The signatory for Leslie Westreich was Leslie Westreich. The signatory for David Brecher was David Brecher. The contract date was May 29, 2026.

To finance the purchase, David Brecher  borrowed $7.9 million from CBRE Capital Markets . The signatory for the lender was Adam Holmes .

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer David Brecher purchased two properties in two transactions for a total of $47.6 million and has no record it sold any properties over the past 24 months.
The seller Leslie Westreich 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 Leslie Westreich, head officer and Jose Cabrera, site manager. The business entity is 420 Clinton Llc. The 60,720-square-foot property generated revenue of $1.4 million or $23 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 49 residential units in Clinton Hill has 60,720 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 81 feet and is 180 feet deep with a total lot size of 14,580 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.3 million. The property has 28 rent regulated units according to city tax records from 2024.

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 16 housing violations and $880 in OATH penalties 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 five of the nine commercial properties representing 225,093 square feet of the 242,925 square feet. The largest owner is Loketch Group, followed by Leslie Westreich and then Larry Malitzky.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 242,925 square feet of built space are elevator buildings, with walkup buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Leslie Westreich owned at least one commercial property with 49 residential units in New York City with 60,720 square feet and a PincusCo-determined asset value of $13.5 million. The portfolio has $9.7 million in debt, borrowed from New York Community Bank. The portfolio consists of at least a single elevator property.

The buyer

The PincusCo database currently indicates that David Brecher owned at least four commercial properties with 257 residential units in New York City with 391,310 square feet and a PincusCo-determined asset value of $95.4 million. The portfolio has $27.4 million in debt, borrowed from Greystone & Co. and Maverick Real Estate Partners. Within the portfolio, the bulk, or 75 percent of the 391,310 square feet of built space are elevator properties, with industrial properties next occupying 24 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Manhattan next at 36 percent of the space.

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