Jewish nonprofit pays $5M for industrial in Bensonhurst adjacent to its large girls school

The Jewish nonprofit educational organization Congregation Machna Shalva through the entity 1450 62nd LLC paid $5 million to Louis Colacurto and Robert Colacurto through the entity Inco Automotive Industries Inc. for the single-story industrial buildings (G2) at 1450 and 1456 62nd Street in Bensonhurst, Brooklyn, adjacent to the congregation’s approximately 123,000-square-foot girls school building. The expected use of the newly purchased properties is ground up development.
The deal closed on October 1, 2024 and was recorded on October 16, 2024. The three properties have 8,982 square feet of built space and 251 square feet of additional air rights for a total buildable of 8,982 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $556 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 Louis Colacurto and Robert Colacurto was Louis Colacurto and Robert Colacurto. The signatory for Congregation Machna Shalva was Yakov Steinmetz. The contract date was May 30, 2024.
Congregation Machna Shalva already owns and operates a 123,000-square-foot school for girls next door, with the tax lot 45 and the address 1462 62nd Street. A $24.5 million loan secured by 1462 62nd Street from 2018 is guaranteed by Congregation Ichud Chasidim and Talmud Torah Bnei Zion of Bobov.
Yakov Steinmetz, also spelled Yaakov Steinmetz, was identified in 2018 as the Executive Administrator of the School. In 2018, according to state documents related to a bond issuance for the $24.5 million loan: “The School is a private co-educational day school serving over 2,700 students in prekindergarten through 12th grade. Since it was established in 2003, enrollment at the School has increased by approximately 7% each year, with anticipated enrollment to be approximately 3,000 students by the 2019-2020 school year. The School currently operates 5 facilities in Brooklyn, and recently purchased a 6th location, which is the 1462 Facility.” The 1462 62nd Street school building says Bnot B’Aviv in Hebrew above the entrance.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Congregation Machna Shalva had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Louis Colacurto had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Bensonhurst has 8,982 square feet of built space and 251 square feet of additional air rights for a total buildable of 8,982 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 84 feet deep with a total lot size of 4,731 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $484,000.

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

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 Bensonhurst, The bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has 1.3 times the average sales volume among other neighborhoods with $321.9 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 389,355 square feet of commercial and multi-family construction under development in the last two years, which represents 2 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

There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 165,575 square feet of built space are specialty buildings, with industrial buildings next occupying 10 percent of the space.

The buyer

The PincusCo database currently indicates that Congregation Machna Shalva owned at least four other commercial properties in New York City with 183,000 square feet. They are all located in Brooklyn.

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