Moshe Silberstein signs contract to purchase likely dev site in Williamsburg for undisclosed amount

Moshe Silberstein through the entity 87 Havemeyer Street LLC signed a contract to pay an undisclosed amount to to Michael Pescatore through the entity FPP Havemeyer Realty LLC for three adjacent vacant lots from 87 to 93 Havemeyer Street in Williamsburg, Brooklyn. The expected use is ground up development.

The anticipated closing date is April 30, 2026, according to the memorandum of contract.
The contract was signed on November 12, 2025 and was recorded on December 8, 2025. The three properties have zero square feet of built space (although there appears to be a structure on 87 Havemeyer Street) and 23,508 square feet of additional air rights for a total buildable of 23,508 square feet according to a PincusCo analysis of city data.
The signatory for Michael Pescatore was Michael Pescatore. The signatory for Moshe Silberstein was Daniel Cohen .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on N/A Havemeyer Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Moshe Silberstein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Pescatore had not purchased any other properties and sold three properties in one transaction for a total of $6.5 million over the same time period.

The property

The parcel has frontage of 46 feet and is 100 feet deep with a total lot size of 4,600 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $179,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 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 5th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Williamsburg is the most active neighborhood among other neighborhoods. It had 41.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On the tax block of N/A Havemeyer Street, PincusCo has identified the owners of 15 of the 22 commercial properties representing 172,442 square feet of the 190,947 square feet. The largest owner is Gaia Real Estate Holdings, followed by Thomas Finnican and then Manjula Mukhopadhyay.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 190,947 square feet of built space are elevator buildings, with mixed-use buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Michael Pescatore owned at least one commercial property in New York City with 11,217 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Moshe Silberstein owned at least 27 commercial properties with 199 residential units in New York City with 179,679 square feet and a city-determined market value of $33.9 million. (Market value is typically about 50% of actual value.) The portfolio has $35.2 million in debt, with top three lenders as Bank Leumi, New York Community Bank, and Popular Bank respectively. Within the portfolio, the bulk, or 70 percent of the 179,679 square feet of built space are walkup properties, with elevator properties next occupying 28 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Queens next at 6 percent of the space.

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