Joel Teitelbaum pays $3M for industrial in Williamsburg
Joel Teitelbaum through the entity 1721 Putnam LLC paid $3 million to Tibor Katz through the entity Binyan Broadway LLC for the four-unit industrial building (F5) at 208 Broadway in Williamsburg, Brooklyn.
The deal closed on February 27, 2024 and was recorded on March 6, 2024. The property has 4,399 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $681 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 Tibor Katz was Tibor Katz. The signatory for Joel Teitelbaum was Joel Teitelbaum. The contract date was February 21, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Joel Teitelbaum purchased one property in one transaction for a total of $4.1 million and has no record it sold any properties over the past 24 months.
The seller Tibor Katz had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Tibor Katz, head officer and Lea Katz, officer. The business entity is Binyan Broadway Llc. The 4,399-square-foot property generated revenue of $77,290 or $18 per square foot, according to the most recent income and expense figures.
The property
The industrial building with 4 residential units in Williamsburg has 4,399 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 61 feet deep with a total lot size of 1,167 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $416,000.
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 47 housing violations and one housing litigation 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 Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 4th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Williamsburg has 4.4 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 4.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the 16 commercial properties representing 13,095 square feet of the 57,404 square feet. The identified owner is Simon Posen.
There are no active new building construction projects on this tax block.
The majority, or 40 percent of the 57,404 square feet of built space are mixed-use buildings, with elevator buildings next occupying 23 percent of the space.
The buyer
The PincusCo database currently indicates that Joel Teitelbaum owned at least three commercial properties with eight residential units in New York City with 42,265 square feet and a city-determined market value of $5.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 67 percent of the 42,265 square feet of built space are industrial properties, with mixed-use properties next occupying 22 percent of the space. The bulk, or 67 percent of the built space, is in Bronx, with Queens next at 22 percent of the space.
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