Gold Stone Management pays $31M to family of Dr. Jay’s for dev site in Downtown Brooklyn

Gold Stone Management through the entity Everstone Du LLC paid $31 million to Joseph E. Betesh through the entity E&R Duffield Holdings Associates LLC for the development site which is currently a retail building (K2), at 245 Duffield Street in Downtown Brooklyn, Brooklyn. The expected use is ground up development.
The deal closed on October 23, 2025 and was recorded on October 31, 2025. The property has 24,990 square feet of built space and 58,310 square feet of additional air rights for a total buildable of 83,300 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,240 and the price per buildable square foot is $372 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 signatory for Joseph E. Betesh was Joseph E. Betesh. The signatory for Gold Stone Management was Hai Shan Zhen . The contract date was February 27, 2025. The original owners who signed property documents in the 1990s were Elliot Betesh and Raymond Betesh of Dr. Jay’s streetwear apparel company. Joseph E. Betesh is the son of Elliot Betesh. The Commercial Observer reported on the sale earlier identifying Steven Shi of Gold Stone Management as the buyer.  Steven Shi also works at FBL Development, located at the same address as Golden Stone.

The Elliot Betesh who was a founder of Dr. Jay’s is not the same Elliot Betesh mentioned in another article published recently about a record $32 million Brooklyn home sale in Gravesend.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gold Stone Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph E. Betesh had not purchased any other properties and had not sold any properties over the same time period. The 24,990-square-foot property generated revenue of $1.1 million or $43 per square foot, according to the most recent income and expense figures.

The property

The retail building in Downtown Brooklyn has 24,990 square feet of built space and 58,310 square feet of additional air rights for a total buildable of 83,300 square feet according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 85 feet deep with a total lot size of 8,330 square feet. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $6.3 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 neighborhood

In Downtown Brooklyn, The bulk, or 40 percent of the 22.4 million square feet of commercial built space are office buildings, with elevator buildings next occupying 24 percent of the space. In sales, Downtown Brooklyn has 1.4 times the average sales volume among other neighborhoods with $418.4 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Downtown Brooklyn has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 656,293 square feet of the 684,181 square feet. The largest owner is Jemb Realty, followed by Michael Chera and then Daniel Gazal.
On the tax block, there were three new building construction projects totaling 497,437 square feet. The largest is a 387,801 square-foot business (B) building submitted by JEMB Realty and filed by Morris Jerome with plans filed September 20, 2017 and permitted February 13, 2018. The second largest is a 110-unit, 89,295 square-foot residential (R-2) building submitted by Daniel Gazal with plans filed April 28, 2014 and permitted March 10, 2016.

The majority, or 58 percent of the 684,181 square feet of built space are office buildings, with retail buildings next occupying 20 percent of the space.

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