Joel Werzberger sells dev site in Borough Park for $5M

Joel Werzberger sold a two-parcel development site at 1118 57th Street and 1122 57th Street in Borough Park, Brooklyn for $5 million in two separate transactions. The buyer was an entity in the care of the Brooklyn law firm Treff & Lowy.

In the first, the entity 57th Dev LLC paid $2.5 million to Joel Werzberger through the entity 1172 57 LLC for the development site (V0) at 1122 57th Street in Borough Park, Brooklyn.
The deal closed on April 3, 2024 and was recorded on April 9, 2024. The property has zero square feet of built space and 5,007 square feet of additional air rights for a total buildable of 5,007 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $500 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 August 22, 2022, for $2.3 million. The signatory for Joel Werzberger was Joel Werzberger. The signatory for the buyer was Abraham Lowy. The contract date was March 29, 2024.

In the second, the entity 57th Dev LLC paid $2.5 million to Joel Werzberger for the three-unit development site (V0) at 1118 57th Street in Borough Park, Brooklyn. The deal closed on April 3, 2024 and was recorded on April 9, 2024. The property has 2,529 square feet of built space and 5,007 square feet of additional air rights for a total buildable of 5,007 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $990 and the price per buildable square foot is $500 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 December 17, 2021, for $2.1 million. The signatory for Joel Werzberger was Joel Werzberger. The signatory for the buyer was Abraham Lowy. The contract date was March 29, 2024.

Prior sales and revenue

Prior to this transaction, the seller Joel Werzberger had not purchased any other properties and sold two properties in two transactions for a total of $99.8 million over the past 24 months.

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

On the lot, there is one active new building construction project for a three-unit, 4,569 square-foot R-2 building. The project was submitted by Nissan Perla with plans filed September 26, 2018 and it has not been permitted yet.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2 times the average sales volume among other neighborhoods with $560.3 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 970,703 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing zero square feet of the 3,197 square feet. The two identified owners are Shimon Lieber and Joel Gluck.
On the tax block, there were 12 new building construction projects totaling 68,308 square feet. The largest is a three-unit, 14,040 square-foot residential (R-2) building submitted by Nissan Perla with plans filed February 17, 2017 and it has not been permitted yet. The second largest is a one-unit, 7,059 square-foot residential (R-3) building submitted by Joseph Oberlander with plans filed November 10, 2021 and permitted May 12, 2023.

The majority, or 100 percent of the 3,197 square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Joel Werzberger owned at least six commercial properties with 129 residential units in New York City with 124,242 square feet and a city-determined market value of $10.3 million. (Market value is typically about 50% of actual value.) The portfolio has $40.5 million in debt, with top three lenders as Northeast Community Bank, Arbor Realty Trust, and TD Bank respectively. Within the portfolio, the bulk, or 60 percent of the 124,242 square feet of built space are walkup properties, with elevator properties next occupying 40 percent of the space. The bulk, or 86 percent of the built space, is in Bronx, with Brooklyn next at 14 percent of the space.

Direct link to Acris document. link