Marvin Rubin pays $6M for dev site in Borough Park

UPDATED 12:50 p.m., October 9, 2025: Marvin Rubin through the entity Square 47 LLC paid $6 million for the industrial building (G7) at 1574 50th Street in Borough Park, Brooklyn. The expected use is ground up development.
The deal closed on September 19, 2025 and was recorded on October 3, 2025. The property has zero square feet of built space and 12,169 square feet of additional air rights for a total buildable of 12,169 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $493 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 Ruth Helen Zafir and Morris Broker was Ruth Helen Zafir, Ilene Weiser, and Jessie E. Broker. The signatory for Marvin Rubin was Marvin Rubin. The contract date was September 19, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Marvin Rubin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ruth Helen Zafir had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,008 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 $651,000.

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 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 $1 million on this tax lot.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.3 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 2.5 times the average sales volume among other neighborhoods with $716.2 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 1.1 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.

The block

On this tax block, PincusCo has identified the owners of three of the 20 commercial properties representing 55,660 square feet of the 98,515 square feet. The largest owner is David Nierenberg, followed by Benzion Scharf and then Josef Korn.
On the tax block, there were four new building construction projects totaling 37,960 square feet. The largest is a eight-unit, 17,380 square-foot residential (R-2) building submitted by Yecheskel Weingarten with plans filed November 19, 2015 and permitted December 29, 2015. The second largest is a four-unit, 8,808 square-foot residential (R-2) building submitted by Solomon Rubin and filed by Solomon Rubin with plans filed February 14, 2022 and permitted January 30, 2023.

The majority, or 51 percent of the 98,515 square feet of built space are elevator buildings, with mixed-use buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Marvin Rubin owned at least four commercial properties with 640 residential units in New York City with 63,780 square feet and a city-determined market value of $14.1 million. (Market value is typically about 50% of actual value.) The portfolio has $31.2 million in debt, borrowed from Welltower, Inc. and Skybrook Capital. Within the portfolio, the bulk, or 75 percent of the 63,780 square feet of built space are industrial properties, with office properties next occupying 16 percent of the space. They are all located in Brooklyn.
Correction: A prior version of this post incorrectly described the transaction as cash flowing, when in fact it is a development site.

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