Satmar congregation pays $9.9M for development site in Williamsburg

Congregation Yetev Lev D’Satmar through the entity Satmar Flushing LLC paid $9.9 million to Yeshiva Beis Leivy, Inc. for the development building (V0) at 437 Flushing Avenue in Williamsburg, Brooklyn and development building (V0) at 433 Flushing Avenue in Williamsburg, Brooklyn.
On these lots, there is one active new building construction project for a 34-unit, 36,101 square-foot R-2 building. The project was submitted by Hersh Silverman with plans filed March 31, 2011 and permitted January 12, 2015.
The deal closed on July 17, 2023 and was recorded on August 17, 2023. The two properties have zero square feet of built space and 28,662 square feet of additional air rights for a total buildable of 28,662 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $345 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.)
Herman Silberman and Shulem Eisenberg signed for the seller, and Joel Braver signed for the buyer.

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 437 Flushing Avenue.

The property

The parcel has frontage of 41 feet and is 100 feet deep with a total lot size of 4,166 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $455,000.
The parcel has frontage of 41 feet and is 100 feet deep with a total lot size of 4,166 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $455,000.

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 received $300 in OATH penalties in the last year.

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 $2.6 billion in sales volume in the last two years. For development, Williamsburg is the 9th most active neighborhood among other neighborhoods. It had 4.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 437 Flushing Avenue, PincusCo has identified the owners of two of the 10 commercial properties representing 49,294 square feet of the 115,031 square feet. The identified owner is Herman Silberman.
On the tax block, there was one new building construction project filed totaling 36,101 square feet. It is a 34-unit, 36,101 square-foot residential (R-2) building submitted by Hersh Silverman with plans filed March 31, 2011 and permitted January 12, 2015.

The majority, or 52 percent of the 115,031 square feet of built space are specialty buildings, with walkup buildings next occupying 43 percent of the space.

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