Moshe Kornreich pays $2.7M for mixed-use in Bedford Stuyvesant

Moshe Kornreich through the entity 664 Flushing Ave LLC paid $2.7 million to Zalmen Horowitz through the entity Yosef Moshe LLC for the two-unit mixed-use building (S2) at 664 Flushing Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on April 3, 2025 and was recorded on April 24, 2025. The property has 2,898 square feet of built space and 3,276 square feet of additional air rights for a total buildable of 6,183 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $931 and the price per buildable square foot is $436 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 5, 2015, for $670,000. The signatory for Zalmen Horowitz was Zalmen Horowitz. The signatory for Moshe Kornreich was Moshe Kornreich. The contract date was January 2, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Moshe Kornreich had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Zalmen Horowitz had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Bedford Stuyvesant has 2,898 square feet of built space and 3,276 square feet of additional air rights for a total buildable of 6,183 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 92 feet deep with a total lot size of 2,061 square feet. The lot is irregular. 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 $1.2 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 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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.3 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 20 commercial properties representing 68,254 square feet of the 116,005 square feet. The largest owner is Joel Zupnick, followed by Mendel Fleischman and then Joseph Brach.
On the tax block, there were two new building construction projects totaling 16,132 square feet. The largest is a three-unit, 8,966 square-foot residential (R-2) building submitted by Joel Kaufman with plans filed June 10, 2020 and permitted November 16, 2022. The second largest is a three-unit, 7,166 square-foot residential (R-2) building submitted by Jacalyn Michaels with plans filed March 23, 2018 and it has not been permitted yet.

The majority, or 32 percent of the 116,005 square feet of built space are mixed-use buildings, with walkup buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Zalmen Horowitz owned at least four commercial properties with 45 residential units in New York City with 36,512 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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