Joseph Goldberger pays $13.5M for 24 units in Crown Heights formerly owned by Yoel Goldman, Mordechai Adler

Joseph Goldberger through the entity 392 St. Marks Ny LLC paid $13.5 million to Yoel Goldman and Mordechai Adler through the entity 392 St Marks LLC for the 24-unit residential elevator building (D9) at 392 St Marks Avenue in Crown Heights, Brooklyn. The expected use is cash flowing. The property was in a pre-foreclosure action filed by the former lender, Santander Bank.
The deal closed on June 5, 2025 and was recorded on June 16, 2025. The property has 27,125 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $497 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 February 13, 2012, for $3.6 million. The signatory for Yoel Goldman and Mordechai Adler was Mordechai Klein . The signatory for Joseph Goldberger was Joseph Goldberger. The contract date was March 24, 2025.

Goldberger financed the purchase with an $8.8 million loan from Amalgamated Bank.

This property was part of the large portfolio owned by Yoel Goldman’s All Year Management. According to the pre-foreclosure action 500991/2025 filed January 10, 2025, in Brooklyn naming Yoel Goldman and Mordechai Adler as obligors, “On December 19, 2024, Plaintiff, through the undersigned counsel, issued a notice to Obligors, which, inter alia, notified Obligors of the Forbearance Default Event and that the Loan had otherwise matured on June 1, 2022…”

The rent roll shows an annual grossed up rent of $1.02 million. On January 24, 2025, the court appointed Michael Benjamin as receiver. As of December 2024, the bank alleged the borrowers owed $14,155,071.44, composed mostly of $9.7 million in principal and $5.27 million of default interest at a rate of 16 percent.

Joseph Goldberger purchased this property through an entity in care of Smart Management NY.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Goldberger had purchased any other properties and sold one property in one transaction for a total of $2.8 million over the past 24 months.
The seller Yoel Goldman had not purchased any other properties and sold one property in one transaction for a total of $1.9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Nathan Schwarcz, head officer. The business entity is 392 St Marks Llc. The 27,125-square-foot property generated revenue of $1 million or $38 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 24 residential units in Crown Heights has 27,125 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 128 feet deep with a total lot size of 5,461 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2009 and expires in 2034. The city-designated market value for the property in 2022 is $5.6 million. The property has 24 rent regulated units according to city tax records from 2023.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $11 million commercial foreclosure concerning a loan filed on January 10, 2025, by Santander Bank against Yoel Goldman and Mordechai Adler. In addition, according to city public data, the property has received $1,562 in ECB penalties and $1,662 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 19, 2013. 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 25 of the 33 commercial properties representing 187,907 square feet of the 238,106 square feet. The largest owner is Brooklyn Neighborhood Improvement Association, followed by Graph Group and then Black Veterans For Social Justice.
On the tax block, there was one new building construction project filed totaling 19,811 square feet. It is a 19-unit, 19,811 square-foot residential (R-2) building submitted by Steven Hurwitz with plans filed April 15, 2022 and permitted August 23, 2023.

The majority, or 86 percent of the 238,106 square feet of built space are walkup buildings, with elevator buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Yoel Goldman owned at least four commercial properties with eight residential units in New York City with 19,160 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 48 percent of the 19,160 square feet of built space are development properties, with walkup properties next occupying 42 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Mordechai Adler owned at least two commercial properties with 12 residential units in New York City with 15,766 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio has $15.8 million in debt, borrowed from Popular Bank. Within the portfolio, the bulk, or 62 percent of the 15,766 square feet of built space are office properties, with walkup properties next occupying 38 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Joseph Goldberger owned at least two commercial properties with eight residential units in New York City with 19,191 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 19,191 square feet of built space are specialty properties, with walkup properties next occupying 42 percent of the space. They are all located in Brooklyn.

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