Jack Guttman’s Pearl Realty sells possible dev site in Kensington for $13.5M

The entity Sdei Louisa St Trust paid $13.5 million to Pearl Realty Management through the entity 1317 36th St LLC for the industrial building (G2) at 1317 36th Street in Kensington, Brooklyn and an adjacent parking lot. The expected use is ground up development.
The site was being marketed for development. Kalmon Dolgin Listing
The deal closed on July 24, 2025 and was recorded on July 29, 2025. The two properties have 12,000 square feet of built space and 18,341 square feet of additional air rights for a total buildable of 30,297 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,125 and the price per buildable square foot is $445 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 Pearl Realty Management was Jack Guttman . The signatory for the buyer was Yisroel Kilstein . The contract date was June 23, 2025.

Prior sales and revenue

The seller Pearl Realty Management purchased three properties in three transactions for a total of $61 million and sold 10 properties in five transactions for a total of $238.6 million over the past 24 months. Out of the two properties, one with a total of 12,000 square feet of built space generated revenue of $267,900 per year.

The property

The industrial building in Kensington has 12,000 square feet of built space and 18,341 square feet of additional air rights for a total buildable of 30,297 square feet according to a PincusCo analysis of city data. The parcel has frontage of 153 feet and is 115 feet deep with a total lot size of 12,400 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 million.

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 received $50 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 Kensington, The bulk, or 44 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, Kensington has had very little sales volume relative to other neighborhoods with $94.2 million in sales volume in the last two years. For development, Kensington has had very little major development activity relative to other neighborhoods.It had 274,102 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 36th Street, PincusCo has identified the owners of two of the four commercial properties representing 12,000 square feet of the 39,398 square feet. The identified owner is Jack Guttman.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 39,398 square feet of built space are specialty buildings, with industrial buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Pearl Realty Management owned at least 65 commercial properties with 10 residential units in New York City with 1,296,125 square feet and a city-determined market value of $180.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 1,296,125 square feet of built space are industrial properties, with office properties next occupying 23 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Queens next at 18 percent of the space.

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