Pearl Realty Management sells dev site in Kensington for $10M

The entity BP Developer Partners with unknown ownership paid $10 million to Pearl Realty Management through the entity 31 Church Ave LLC for the industrial building (GU) at 31 Church Avenue in Kensington, Brooklyn. The expected use is ground up development.
The deal closed on August 6, 2025 and was recorded on August 15, 2025. The property has 9,880 square feet of built space and 25,447 square feet of additional air rights for a total buildable of 35,343 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,012 and the price per buildable square foot is $282 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 June 20, 2018, for $7.7 million. The signatory for Pearl Realty Management was Jack Guttman . The signatory for BP Developer Partners was Benzion Tyberg, also known as Ben Tyberg. The contract date was June 11, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer BP Developer Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pearl Realty Management purchased three properties in three transactions for a total of $61 million and sold 12 properties in six transactions for a total of $252.1 million over the same time period.

The property

The industrial building in Kensington has 9,880 square feet of built space and 25,447 square feet of additional air rights for a total buildable of 35,343 square feet according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 237 feet deep with a total lot size of 28,275 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.2 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 Kensington, The bulk, or 44 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, Kensington has had very little sales volume relative to other neighborhoods with $122.9 million in sales volume in the last two years. For development, Kensington has had very little major development activity relative to other neighborhoods.It had 274,102 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 25,600 square feet of the 56,865 square feet. The identified owner is Simy Graus.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 56,865 square feet of built space are walkup buildings, with industrial buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Pearl Realty Management owned at least 65 commercial properties with 10 residential units in New York City with 1,296,125 square feet and a city-determined market value of $180.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 1,296,125 square feet of built space are industrial properties, with office properties next occupying 23 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Queens next at 18 percent of the space.

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