Hershy Silberstein pays $10.8M for dev site in Bedford Stuyvesant

Hershy Silberstein through the entity Myrtle Spencer LLC paid $10.8 million to Alexandra Levy through the entity 703 Myrtle LLC for the development site (V1) at 703 Myrtle Avenue in Bedford Stuyvesant, Brooklyn. The expected use is ground up development.
The deal closed on June 18, 2025 and was recorded on June 26, 2025. The property has zero square feet of built space and 36,204 square feet of additional air rights for a total buildable of 36,204 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $298 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 Alexandra Levy was Alexandra Levy. The signatory for Hershy Silberstein was Hershy Silberstein. The contract date was January 17, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Hershy Silberstein purchased one property in one transaction for a total of $16.5 million and sold one property in one transaction for a total of $5.5 million over the past 24 months.
The seller Alexandra Levy had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 80 feet and is 107 feet deep with a total lot size of 8,620 square feet. 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 $469,000.

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 $600 in OATH penalties 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 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 $1.1 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.3 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 2.7 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 two pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 28 commercial properties representing 32,500 square feet of the 80,040 square feet. The largest owner is Meir Stern, followed by Tobias Strulovitch and then Shloma Stuhl.
On the tax block, there was one new building construction project filed totaling 7,498 square feet. It is a three-unit, 7,498 square-foot residential (R-2) building submitted by Shloma Stuhl with plans filed November 30, 2023 and it has not been permitted yet.

The majority, or 40 percent of the 80,040 square feet of built space are industrial buildings, with mixed-use buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Hershy Silberstein owned at least 25 commercial properties with 419 residential units in New York City with 84,794 square feet and a city-determined market value of $14.8 million. (Market value is typically about 50% of actual value.) The portfolio has $188 million in debt, with top three lenders as Starwood Capital Group, S3 Capital, and Valley National Bank respectively. Within the portfolio, the bulk, or 69 percent of the 84,794 square feet of built space are industrial properties, with mixed-use properties next occupying 8 percent of the space. The bulk, or 79 percent of the built space, is in Bronx, with Brooklyn next at 21 percent of the space.

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