Isamar Margareten pays $5.5M to Moishe Lebovits for commercial in Bed Stuy

Isamar Margareten through the entity 910-912 Bedford LLC paid $5.5 million to Moishe Lebovits through the entity Jny Bedford Realty LLC for the midblock commercial building at 910 Bedford Avenue in Bed Stuy, Brooklyn.
The deal closed on May 20, 2022 and was recorded on June 9, 2022. The property has 9,300 square feet of built space and 9,888 square feet of additional air rights for a total buildable of 19,200 square feet according to PincusCo analysis of city data. The sale price per built square foot is $591 and the price per buildable square foot is $286 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 Moishe Lebovits was Moishe Lebovits. The signatory for Isamar Margareten was Isamar Margareten.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Isamar Margareten had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Moishe Lebovits had not purchased any other properties and had not sold any properties over the same time period.

The property

The 910 Bedford Avenue parcel has frontage of 48 feet and is 100 feet deep with a total lot size of 4,800 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $938,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received four DOB violations, $281,250 in ECB penalties, and $281,300 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 $5 million on this tax lot.

The neighborhood

In Bed Stuy, the bulk, or 38 percent of the 92.5 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Bed Stuy has 1.5 times the average sales volume among other neighborhoods with $417.3 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Bed Stuy is the 8th most active neighborhood among other neighborhoods. It had 4.3 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 was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 28 commercial properties representing 119,150 square feet of the 173,031 square feet. The largest owner is Joel Braver, followed by Isaac Herskovitz and then All Year Management. There are two active new building construction projects totaling 29,337 square feet. The largest is a one-unit, 3,989-square-foot R-3 building developed by Shimshy Ausch with plans filed September 7, 2020 and permitted June 28, 2021. The second largest is a 20-unit, 25,348-square-foot R-2 building developed by Joel Werczberger with plans filed May 27, 2022 and it has not been permitted yet.

The majority, or 39 percent of the 167,880 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 24 percent of the space.

Surrounding

Within a 400-foot radius of 910 Bedford Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on June 10, 2020 for the $1 million renovation of 22,754-square-foot B building with no residential units at 926 Bedford Avenue.
One of those three items was a sale which Joel Braver bought the 13,000-square-foot, 18-unit rental (D3) on 902 Bedford Avenue and two other properties for $23.4 million from Richard A. Kaplin on July 8, 2021.
One of those three items was a loan which Isaac Herskovitz borrowed $10.6 million from Spencer Savings Bank secured by the 25,707-square-foot, one-unit industrial (I9) on 926 Bedford Avenue on December 7, 2020.

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