Kassin Sabbagh Realty acquires 50% stake in Bed Stuy property valued at $10M

Kassin Sabbagh Realty through the entity KSR 1288 Fulton LLC acquired an interest from the Mizrahi family valued at $5 million representing half the value of a $10 million property that is currently occupied by a retail building (K1) at 1288 Fulton Street in Bedford Stuyvesant, Brooklyn. Members of the Cohen family that owned the property with the Mizrahi family remain in the deal.

The property was listed in 2019 as an investment or development opportunity: 1288 Fulton St Offering Memorandum
The deal closed on November 24, 2025 and was recorded on December 5, 2025. The property has 8,950 square feet of built space and 28,640 square feet of additional air rights for a total buildable of 37,590 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,116 and the price per buildable square foot is $266 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 Kassin Sabbagh Realty was Abraham J. Kassin.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Kassin Sabbagh Realty purchased 77 properties in four transactions for a total of $59.5 million and sold one property in one transaction for a total of $8 million over the past 24 months.
The seller Mark Mizrahi had not purchased any other properties and had not sold any properties over the same time period. The 8,950-square-foot property generated revenue of $496,470 or $55 per square foot, according to the most recent income and expense figures.

The property

The retail building in Bedford Stuyvesant has 8,950 square feet of built space and 28,640 square feet of additional air rights for a total buildable of 37,590 square feet according to a PincusCo analysis of city data. The parcel has frontage of 89 feet and is 100 feet deep with a total lot size of 8,950 square feet. The zoning is C4-5D which allows for up to 4.2 times floor area ratio (FAR) for commercial and up to 4.2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.9 million.

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 $3,100 in OATH penalties 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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 10th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 1.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 74,113 square feet of the 149,418 square feet. The largest owner is Metropolitan Realty Group, followed by Junaid Zahid and then Joel Jacob.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 149,418 square feet of built space are retail buildings, with elevator buildings next occupying 39 percent of the space.

The buyer

The PincusCo database currently indicates that Kassin Sabbagh Realty owned at least seven commercial properties with 38 residential units in New York City with 52,546 square feet and a city-determined market value of $13.3 million. (Market value is typically about 50% of actual value.) The portfolio has $32.2 million in debt, with top three lenders as Maxim Capital Group, East West Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 32 percent of the 52,546 square feet of built space are walkup properties, with retail properties next occupying 30 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Brooklyn next at 33 percent of the space.

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