Mendel Fleischman pays $9.2M for 24-unit dev site in East Williamsburg

Mendel Fleischman  paid $9.2 million to Salvatore Gargano for a development site in East Williamsburg, Brooklyn, in two transactions with the same seller. On the lot, there is one active new building construction project, B00497676, for a 24-unit, 18,255 square-foot R-2 building. The project was submitted by Salvatore Gargano with plans filed June 3, 2021 and permitted January 26, 2024.

In the first, Mendel Fleischman through the entity 239 Garden LLC paid $4.6 million to Salvatore Gargano through the entity 239 Conselyea LLC for the development parcel (V0) at 239 Conselyea Street in East Williamsburg, Brooklyn. The expected use is ground up development.
The deal closed on June 11, 2026 and was recorded on June 24, 2026. The property has zero square feet of built space and 7,458 square feet of additional air rights for a total buildable of 7,458 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $616 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 14, 2023, for $950,000.

In the second, Fleischman through the entity 239 Garden LLC paid $4.6 million to Gargano through the entity 241 Conselyea LLC for the development parcel (V0) at 241 Conselyea Street in East Williamsburg, Brooklyn.
The deal closed on June 11, 2026 and was recorded on June 24, 2026. The property has zero square feet of built space and 14,100 square feet of additional air rights for a total buildable of 14,100 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $326 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 14, 2023, for $3.5 million.

The signatory for Salvatore Gargano was Salvatore Gargano. The contract date was June 11, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Mendel Fleischman purchased three properties in three transactions for a total of $12 million and has no record it sold any properties over the past 24 months.
The seller Salvatore Gargano had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 54 feet and is 45 feet deep with a total lot size of 2,486 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $436,000.

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 received $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 East Williamsburg, The majority, or 62 percent of the 17.1 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has near average sales volume among other neighborhoods with $344.2 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, East Williamsburg has near average amount of major developments among other neighborhoods and is the 13th highest in Brooklyn. It had 1.6 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.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 35,191 square feet of the 54,539 square feet. The largest owner is Urbana Partners , followed by Salvatore Gargano and then Shloma Stuhl.
On the tax block, there were four new building construction projects totaling 61,865 square feet. The largest is a 24-unit, 18,255 square-foot residential (R-2) building submitted by Salvatore Gargano with plans filed June 3, 2021 and permitted January 26, 2024. The second largest is a 15-unit, 17,384 square-foot residential (R-2) building submitted by Joseph Caputo with plans filed April 1, 2019 and it has not been permitted yet.

The majority, or 52 percent of the 54,539 square feet of built space are elevator buildings, with walkup buildings next occupying 45 percent of the space.

The seller

The PincusCo database currently indicates that Salvatore Gargano owned at least 15 commercial properties with 159 residential units in New York City with 131,757 square feet and a PincusCo-determined asset value of $59 million. The portfolio has $23 million in debt, borrowed from Ridgewood Savings Bank . Within the portfolio, the bulk, or 56 percent of the 131,757 square feet of built space are walkup properties, with condo properties next occupying 36 percent of the space.

The buyer

The PincusCo database currently indicates that Mendel Fleischman owned at least 15 commercial properties with 74 residential units in New York City with 174,324 square feet and a PincusCo-determined asset value of $107.7 million. The portfolio has $106.4 million in debt, with top three lenders as Greystone & Co., Be Aviv, and S3 Capital respectively. Within the portfolio, the bulk, or 63 percent of the 174,324 square feet of built space are industrial properties, with walkup properties next occupying 12 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Brooklyn next at 35 percent of the space.

Direct link to Acris document. link
Direct link to Acris document. link