Moses Karpen pays $14.6M for 22-unit rental in Williamsburg, yeshiva sold for $8M

Moses Karpen through the entity 141 Ross Street Holdings LLC paid $14.6 million to the entity 141 Ross Realty LLC for the 22-unit property at 141 Ross Street in Williamsburg, Brooklyn.

Moses Karpen has been an active buyer and developer in Brooklyn over the past several years.
The deal closed on April 9, 2024 and was recorded on April 12, 2024. The property has 20,800 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $700 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 March 22, 2024 from United Munkacser Yeshivos, for $7.95 million.
The signatory for the seller was Doran Golubtchik, an attorney with the law firm Reiss Sheppe.
The purchase was financed with a $10.75 million loan from BridgeCity Capital.

The seller closed on the purchase of the property for $7.95 million less than three weeks before selling it. PincusCo reported the property was in contract in and that the building had significant fines and violations, totaling $4.7 million. Of that, the bulk is $4.2 million owed to the New York City Department of Finance accrued between 2003 and 2021.

The property

The parcel has a total lot size of 20,800 square feet. The city-designated market value for the property in 2022 is $3 million.

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 five DOB violations and $600 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 block

On this tax block, PincusCo has identified the owners of four of the 15 commercial properties representing 72,550 square feet of the 152,768 square feet. The largest owner is Chaim Herzkovitz, followed by Jeno Guttmann and then Joel Landau.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 152,768 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.

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