Joel Kleinberger pays $2.4M for 4-family in Bedford Stuyvesant

Joel Kleinberger through the entity Dekalb Venture LLC paid $2.4 million to Barry Septimus through the entity Dekalb Holdings LLC for the four-unit 1-4 family building (C3) at 824 Dekalb Avenue in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on April 1, 2025 and was recorded on April 30, 2025. The property has 4,268 square feet of built space and 733 square feet of additional air rights for a total buildable of 5,001 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $550 and the price per buildable square foot is $469 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 seller bought the property on May 23, 2016, for $1.6 million. The signatory for Barry Septimus was Barry Septimus. The signatory for Joel Kleinberger was Joel Kleinberger. The contract date was January 21, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joel Kleinberger had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Barry Septimus had not purchased any other properties and sold one property in one transaction for a total of $1.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Zvi Septimus, head officer and Barry Septimus, officer. The business entity is Dekalb Holdings Llc.

The property

The 1-4 family building with 4 residential units in Bedford Stuyvesant has 4,268 square feet of built space and 733 square feet of additional air rights for a total buildable of 5,001 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 100 feet deep with a total lot size of 1,667 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2016 and expires in 2031. The city-designated market value for the property in 2022 is $902,000.

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 four housing violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 7, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 143,311 square feet of the 164,566 square feet. The largest owner is Mordechai Halberstam, followed by Danielle Minelli Pagnotta and then Barry Hers.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 164,566 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Barry Septimus owned at least one commercial property with eight residential units in New York City with 5,356 square feet and a city-determined market value of $964,000. (Market value is typically about 50% of actual value.) The portfolio has $6.7 million in debt, borrowed from Signature Bank. The portfolio consists of at least a single walkup property. It is located in Brooklyn.

Direct link to Acris document. link