Hersh Klein pays $3M for dev site in Bed Stuy, gets $11.5M construction loan

Hersh Klein through the entity 1870 Fulton LLC paid $3 million to Natalia Sorkin through the entity Brianna Ventures L.L.C. for the 33-unit development site at 1870 Fulton Street in Bedford Stuyvesant, Brooklyn. The expected use is ground up development.

On the lot, there is one active new building construction project, B01290362, for a 33-unit, 22,759 square-foot residential (R-2) building. The project was submitted by Hersh Klein on September 30, 2025 and it has not been permitted yet.
The deal closed on November 26, 2025 and was recorded on December 8, 2025. The property has 6,950 square feet of built space and 13,563 square feet of additional air rights for a total buildable of 20,491 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $431 and the price per buildable square foot is $146 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 Natalia Sorkin was Yevgeny Tsyngauz . The signatory for Hersh Klein was Hersh Klein. The contract date was April 4, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hersh Klein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Natalia Sorkin had not purchased any other properties and sold one property in one transaction for a total of $1.7 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Natalia Sorkiu, head officer. The business entity is Brianna Veriturellc.

The property

The mixed-use building with 2 residential units in Bedford Stuyvesant has 6,950 square feet of built space and 13,563 square feet of additional air rights for a total buildable of 20,491 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,879 square feet. The lot is irregular. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 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 received $2,525 in OATH penalties in the last year.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 10th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 1.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.8 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. There were four pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 16 of the 21 commercial properties representing 282,616 square feet of the 304,456 square feet. The largest owner is Providence Care, followed by Aviv Ben-Avi and then Pinches Abowitz.
On the tax block, there were three new building construction projects totaling 245,487 square feet. The largest is a 212-unit, 141,437 square-foot residential (R-2) building submitted by TOT Developers and filed by Dov/Jacob Strohli/Landau with plans filed March 29, 2022 and permitted August 6, 2025. The second largest is a 118-unit, 81,291 square-foot residential (R-2) building submitted by TOT Developers and filed by Dov/Jacob Strohli/Landau with plans filed March 29, 2022 and permitted May 31, 2022.

The majority, or 92 percent of the 304,456 square feet of built space are specialty buildings, with mixed-use buildings next occupying 8 percent of the space.

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