Moishe Kofman pays $4M to Double U Realty for 12K dev site in Williamsburg
89 South 10th Street (Credit - Cyclomedia)
Moishe Kofman and Sucher Ashkenazi as signatories for the entity Beis Alesk LLC paid $4 million to Michael Weitzman’s Double U Realty through the entity 100 S 9 LLC for the development parcel (V0) at 89 South 10th Street in Williamsburg, Brooklyn.
Double U Realty paid $14.1 million for three parcels to the Roman Catholic Church of the Epiphany in 2022.
The parcels Double U Realty purchased have been divided into two development parcels, with 89 South 10th Street (lot 14) keeping 12,000 square feet for community facility use, and Double U Realty having 96,450 square feet for residential and community facility uses.
The deal closed on December 21, 2023 and was recorded on January 11, 2024.
The signatories for the buyers were Sucher Ashkenazi and Moishe Kofman. The contract date was January 10, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Sucher Ashkenazi had purchased any other properties and has no record it sold any properties over the past 24 months.
The property
The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 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 $374,000. The most recent loan totaled $9.7 million and was provided by Hirshmark Capital on July 25, 2022.
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 4th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.3 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 one of the two commercial properties representing zero square feet of the 30,290 square feet. The identified owner is Double U Realty.
There are no active new building construction projects on this tax block.
The majority, or 100 percent of the 30,290 square feet of built space are walkup buildings, with development buildings next occupying 0 percent of the space.
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