David Katz, Mordechai Spira sell MYNT rental in Bed Stuy for $49M

By Varvara Budetti

David Katz and Mordechai Spira have sold the 72-unit Bedford-Stuyvesant rental, the MYNT at 756 Myrtle Avenue, for $49 million, which represents a loss of more than $3 million from the 2016 purchase price.

Rivky Brach, through the entity 756 Myrtle LLC paid $49 million for David Katz and Mordechai Spira’s Bed Stuy rental building. Katz and Spira bought the building for $52.4 million in 2016 from the Chetrit Group and the estate of Henry Zilberman. Despite the lower sale price, the debt is actually higher than in 2016. At that time the debt was $34 million. The new debt, provided by Signature Bank, is $37.25 million.

The deal closed on November 1, 2021 and was recorded on November 9, 2021.

According to an article at the time of the 2016 sale in The Real Deal, the Chetrit Group and Zilberman developed the building, known as MYNT as a condominium but the apartments were ultimately made into rentals. The 72-unit building also houses a Duane Reade.

The property has 106,746 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $459 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.)

According to StreetEasy, rents in the building range from $1850 to $3600.

Within a 400-foot radius of 756 Myrtle Avenue, PincusCo identified one commercial real estate item of interest that occurred over the past 24 months. It was a new building permit application filed on December 13, 2019 for a 39,835-square-foot residential (R-2) building with 60 residential units at 778 Myrtle Avenue.

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