Ha’Or Beacon School pays $6.8M to Moshe Halberstam for office in Sheepshead Bay

Ha’Or Beacon School through the entity 3030 Nostrand Ave LLC paid $6.8 million to Moshe Halberstam through the entity 3030 Nostrand Avenue Realty LLC for the office building (O5) at 3030 Nostrand Avenue in Sheepshead Bay, Brooklyn.
The deal closed on April 19, 2024 and was recorded on May 6, 2024. The property has 15,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $453 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 August 15, 2022, for $6.3 million. The signatory for Moshe Halberstam was Zisha A. Margulies. The signatory for Ha’Or Beacon School was Marc Chemtob. The contract date was November 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ha’Or Beacon School had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Moshe Halberstam purchased one property in one transaction for a total of $6.3 million and had not sold any properties over the same time period. The 15,000-square-foot property generated revenue of $464,842 or $31 per square foot, according to the most recent income and expense figures.

The property

The office building in Sheepshead Bay has 15,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 110 feet deep with a total lot size of 10,999 square feet. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.6 million. The most recent loan totaled $5.1 million and was provided by Webster Bank on August 15, 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 received $650 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project for a 17,032 square-foot 57 building. The project was submitted by Raphael Berman with plans filed January 26, 2024 and it has not been permitted yet.

The neighborhood

In Sheepshead Bay, The bulk, or 43 percent of the 26.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.6 times the average sales volume among other neighborhoods with $451 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 859,905 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 21 commercial properties representing 25,200 square feet of the 120,400 square feet. The largest owner is Raquel Wasserman, followed by Moshe Halberstam and then Maria Apergis.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 120,400 square feet of built space are walkup buildings, with mixed-use buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Moshe Halberstam owned at least five commercial properties with 283 residential units in New York City with 285,490 square feet and a city-determined market value of $25.4 million. (Market value is typically about 50% of actual value.) The portfolio has $36.8 million in debt, with top three lenders as New York Community Bank, Greystone & Co., and Webster Bank respectively. Within the portfolio, the bulk, or 95 percent of the 285,490 square feet of built space are elevator properties, with office properties next occupying 5 percent of the space. The bulk, or 80 percent of the built space, is in Brooklyn, with Bronx next at 20 percent of the space.

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