Mordechai Adler pays $16.5M to Solomon Landau for office in Prospect Lefferts Gardens

Mordechai Adler through the entity 646 Parkside Avenue LLC paid $16.5 million to Solomon Landau through the entity 646 Parkside LLC for the office building (O5) at 646 Parkside Avenue in Prospect Lefferts Gardens, Brooklyn. The expected use is conversion/addition.
The deal closed on May 7, 2025 and was recorded on May 15, 2025. The property has 31,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $522 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 Solomon Landau was Solomon Landau. The signatory for Mordechai Adler was Mordechai Adler. The contract date was March 30, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mordechai Adler had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Solomon Landau purchased one property in one transaction for a total of $2 million and had not sold any properties over the same time period. The 31,600-square-foot property generated revenue of $1.1 million or $36 per square foot, according to the most recent income and expense figures.

The property

The office building in Prospect Lefferts Gardens has 31,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 122 feet deep with a total lot size of 9,760 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.8 million. The most recent loan totaled $10.3 million and was provided by Bank of Princeton on December 17, 2021.

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 Prospect Lefferts Gardens, The majority, or 55 percent of the 11.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, Prospect Lefferts Gardens has had very little sales volume relative to other neighborhoods with $85.9 million in sales volume in the last two years. For development, Prospect Lefferts Gardens has had very little major development activity relative to other neighborhoods.It had 90,617 square feet of commercial and multi-family construction under development in the last two years, which represents 0.82 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 28 commercial properties representing 163,930 square feet of the 266,424 square feet. The largest owner is Solomon And Joseph Landau Entities, followed by Joseph Freund and then Jacob Schwimmer.
On the tax block, there were two new building construction projects totaling 18,229 square feet. The largest is a 13-unit, 10,089 square-foot residential (R-2) building submitted by Boaz Gilad with plans filed June 12, 2015 and permitted March 17, 2016. The second largest is a nine-unit, 8,140 square-foot residential (R-2) building submitted by Cory Eliyahu with plans filed June 30, 2021 and permitted February 7, 2023.

The majority, or 41 percent of the 266,424 square feet of built space are office buildings, with mixed-use buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Solomon Landau owned at least three commercial properties with 16 residential units in New York City with 23,196 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio has $13.9 million in debt, borrowed from Hanover Community Bank and Popular Bank. Within the portfolio, the bulk, or 52 percent of the 23,196 square feet of built space are walkup properties, with industrial properties next occupying 48 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Queens next at 48 percent of the space.

The buyer

The PincusCo database currently indicates that Mordechai Adler owned at least one commercial property with 12 residential units in New York City with 6,006 square feet and a city-determined market value of $996,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

Direct link to Acris document. link