Menashe Rosenberg, Chaim Reich pays $6.7M for dev site in Williamsburg
Menashe Rosenberg and Chaim Reich through the entity Wythe & S11 LLC paid $6.7 million to Eugene Mendlowitz through the entity 479 Wythe Avenue LLC for the vacant lot (G7) at 47 South 11th Street in Williamsburg, Brooklyn.
The deal closed on November 14, 2023 and was recorded on December 1, 2023. The property has zero square feet of built space and 16,524 square feet of additional air rights for a total buildable of 16,524 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $406 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 30, 2007, for $1.4 million. The signatory for Eugene Mendlowitz was Aaron Tyberg. The signatory for Menashe Rosenberg and Chaim Reich was Menashe Rosenberg. The contract date was July 20, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Menashe Rosenberg had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eugene Mendlowitz had not purchased any other properties.
The property
The parcel has frontage of 80 feet and is 85 feet deep with a total lot size of 6,800 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 $450,000.
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 Williamsburg, The bulk, or 39 percent of the 50.4 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 3rd highest sale turnover among other neighborhoods in the city with $2.7 billion in sales volume in the last two years. For development, Williamsburg is the 9th most active neighborhood among other neighborhoods. It had 4.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 123,898 square feet of the 136,718 square feet. The largest owner is Sam Rubin, followed by Omni New York and then Jacob Rubin.
There are no active new building construction projects on this tax block.
The majority, or 63 percent of the 136,718 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.
The seller
The PincusCo database currently indicates that Eugene Mendlowitz owned at least two commercial properties with 22 residential units in New York City with 17,390 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Brick Bush Capital. Within the portfolio, the bulk, or 100 percent of the 17,390 square feet of built space are walkup properties, with industrial properties next occupying 0 percent of the space. They are all located in Manhattan.
The buyer
The PincusCo database currently indicates that Chaim Reich owned at least two commercial properties with two residential units in New York City with 2,093 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 2,093 square feet of built space are B3 properties, with industrial properties next occupying 0 percent of the space. They are all located in Brooklyn.
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