Kolel Shomre Hachomos of Jerusalem pays $1.2M for mixed-use in Williamsburg

Kolel Shomre Hachomos of Jerusalem through the entity Kolel Shomre Hachomos Of Jerusalem Inc. paid $1.2 million to Zalmen Kaufman through the entity Zjk Realty II Corp for mixed-use building (K4) at 99 Rutledge Street in Williamsburg, Brooklyn.
The deal closed on November 10, 2022 and was recorded on November 18, 2022.The property has 2,160 square feet of built space and 1,485 square feet of additional air rights for a total buildable of 3,645 square feet according to PincusCo analysis of city data. The sale price per built square foot is $539 and the price per buildable square foot is $319 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 18, 2009, for $350,000. The signatory for Zalmen Kaufman was Zalmen Kaufman. The signatory for Kolel Shomre Hachomos of Jerusalem was Sandor Schwartz.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Kolel Shomre Hachomos of Jerusalem had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Zalmen Kaufman had not purchased any other properties and had not sold any properties over the same time period.

The property

The 99 Rutledge Street parcel has frontage of 15 feet and is 100 feet deep with a total lot size of 1,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $224,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Williamsburg, the bulk, or 39 percent of the 50 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 6th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Williamsburg is the 7th most active neighborhood among other neighborhoods. It had 5 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 58,475 square feet of the 99,590 square feet. The largest owner is Ari Worch, followed by Bernard Berkovic and then Samuel Beilus As Trustee.
there are no active new building construction projects on this tax block.

The majority, or 50 percent of the 79,095 square feet of built space are elevator buildings, with mixed-use buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Zalmen Kaufman owned at least six commercial properties in New York City with 30,417 square feet and a city-determined market value of $5.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 69 percent of the 30,417 square feet of built space are walkup properties, with elevator properties next occupying 31 percent of the space. They are all located in Brooklyn.

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