Hershel Spitz pays $3.8M to Yehuda Cohen for two walkups in East Flatbush

Hershel Spitz through the entity 675 E 32nd LLC paid $3.8 million to Yehuda Cohen through the entity 675 E Management LLC for the seven-unit residential walkup building (C1) at 675 East 32nd Street and the adjacent seven-unit residential walkup building (C1) at 673 East 32nd Street in East Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on February 4, 2026 and was recorded on February 6, 2026. The two properties have 9,448 square feet of built space and 488 square feet of additional air rights for a total buildable of 9,938 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $402 and the price per buildable square foot is $382 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 Yehuda Cohen was Yehuda Cohen. The signatory for Hershel Spitz was Hershel Spitz. The contract date was December 8, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Hershel Spitz purchased one property in one transaction for a total of $2.5 million and has no record it sold any properties over the past 24 months.
The seller Yehuda Cohen had not purchased any other properties and sold three properties in three transactions for a total of $10.7 million over the same time period. The two properties with a total of 9,448 square feet of built space generated revenue of $348,352 per year or $37 per square foot. The sale price per square foot was $402.

The property

The residential walkup buildings with 14 residential units in East Flatbush has 9,448 square feet of built space and 488 square feet of additional air rights for a total buildable of 9,938 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 102 feet deep with a total lot size of 1,948 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $665,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 675 East 32nd Street, PincusCo has identified the owners of seven of the 12 commercial properties representing 100,620 square feet of the 146,248 square feet. The largest owner is Yitzchok Katz, followed by Waring Investments and then Leopold Kaufman.
On the tax block, there were four new building construction projects totaling 37,002 square feet. The largest is a 20-unit, 15,244 square-foot residential (R-2) building submitted by Black Steel Developers and filed by Yoel Horowitz with plans filed October 21, 2025 and it has not been permitted yet. The second largest is a 15-unit, 10,257 square-foot residential (R-2) building submitted by Abraham Garbo with plans filed February 11, 2025 and it has not been permitted yet.

The majority, or 70 percent of the 146,248 square feet of built space are walkup buildings, with elevator buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Yehuda Cohen owned at least 36 commercial properties with 225 residential units in New York City with 168,686 square feet and a city-determined market value of $35.2 million. (Market value is typically about 50% of actual value.) The portfolio has $18.4 million in debt, with top three lenders as JPMorgan Chase, Spencer Savings Bank, and Yehuda Cohen respectively. Within the portfolio, the bulk, or 83 percent of the 168,686 square feet of built space are walkup properties, with mixed-use properties next occupying 16 percent of the space. The bulk, or 88 percent of the built space, is in Brooklyn, with Manhattan next at 12 percent of the space.

The buyer

The PincusCo database currently indicates that Hershel Spitz owned at least one commercial property with six residential units in New York City with 4,875 square feet and a city-determined market value of $968,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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