Isreal Chaim Hirsch, Chayim Rosenfeld pay $5.75M for block-thru industrial in East New York

Isreal Chaim Hirsch and Chayim Rosenfeld paid $5.75 million to Munire Ture for two industrial buildings that abut one another mid-block, at 21 Montauk Avenue and 22 Milford Street, both in East New York, Brooklyn, in two separate transaction with the same seller.

In the larger, Isreal Chaim Hirsch and Chayim Rosenfeld through the entity CYH Montauk Ave LLC paid $3.16 million to Munire Ture through the entity 3144 Atlantic Avenue Realty Corp. for the industrial building (E1) at 21 Montauk Avenue in East New York, Brooklyn.
The deal closed on April 18, 2024 and was recorded on May 15, 2024. The property has 19,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $162 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 Munire Ture was Munire Ture. The signatory for Isreal Chaim Hirsch and Chayim Rosenfeld was Isreal Chaim Hirsch. The contract date was January 5, 2024. The buyer signatory’s name is Isreal Chaim Hirsch, confirmed in multiple documents. The given name is very similar to the more common name, Israel.

In the second transaction, Isreal Chaim Hirsch and Chayim Rosenfeld through the entity CYH Milford St LLC paid $2.59 million to Munire Ture through the entity 3144 Atlantic Avenue Realty Corp. for the industrial building (F5) at 22 Milford Street in East New York, Brooklyn. The deal closed on April 18, 2024 and was recorded on May 15, 2024. The property has 14,631 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $176 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 Munire Ture was Munire Ture. The signatory for Isreal Chaim Hirsch and Chayim Rosenfeld was Isreal Chaim Hirsch. The contract date was January 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Isreal Chaim Hirsch had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Munire Ture had not purchased any other properties and sold one property in one transaction for a total of $3 million over the same time period.

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 not received any significant violations 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 East New York, The bulk, or 40 percent of the 44.5 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 1.4 times the average sales volume among other neighborhoods with $376.3 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, East New York is the 10th most active neighborhood among other neighborhoods. It had 5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 14 commercial properties representing 6,720 square feet of the 162,847 square feet. The identified owner is Einav Gelberg.
On the tax block, there were two new building construction projects totaling 5,750 square feet. The largest is a three-unit, 2,875 square-foot residential (R-2) building submitted by Eddy Rosario with plans filed November 7, 2018 and it has not been permitted yet. The second largest is a three-unit, 2,875 square-foot residential (R-2) building submitted by Eddy Rosario with plans filed February 3, 2020 and permitted July 7, 2023.

The majority, or 79 percent of the 162,847 square feet of built space are industrial buildings, with specialty buildings next occupying 17 percent of the space.

Direct link to Acris document. link