Hershel Brach pays $5M to Cornell Realty for development site in Williamsburg

Hershel Brach through the entity Bsd Middleton LLC paid $5 million to Cornell Realty Management through the entity 125 Middleton LLC for development building at 125 Middleton Street in Williamsburg, Brooklyn.
The deal closed on January 18, 2022 and was recorded on February 22, 2022.
The property has 0 square feet of built space and 12,533 square feet of additional air rights for a total buildable of 12,533 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $398 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 Cornell Realty Management was Yitzchok Isaac Hager. The signatory for Hershel Brach was Hershel Brach.

Hager acquired title in 2009.
In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
On the tax block, the majority, or 45 percent of the 89,546 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 29 percent of the space.

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