Sephardic yeshiva pays $7.2M to Weinberger Properties for mixed-use in Gravesend

Yeshivat Lev Torah paid $7.2 million to Weinberger Properties for the mixed-use building (K4) at 333 Avenue X in Gravesend, Brooklyn.
The deal closed on September 15, 2023 and was recorded on September 26, 2023. The property has 23,430 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $309 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 signatory for Weinberger Properties was Lawrence W. Weinberger and David Weinberger. The signatory for Yeshivat Lev Torah was Yosif Mamrout. The contract date was June 21, 2023.

According to an analysis by PincusCo, Weinberger Properties owns at least eight properties in New York City with a total of 188,910 square feet, located in Queens, Brooklyn and the Bronx. They are all retail or office buildings. The largest is 73-36 Bell Boulevard in Queens.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yeshivat Lev Torah had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Weinberger Properties had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Gravesend has 23,430 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 100 feet deep with a total lot size of 11,999 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.5 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 received $50 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project for a 23,430 square-foot E building. The project was submitted by David Weinberger with plans filed May 5, 2015 and it has not been permitted yet.

The neighborhood

In Gravesend, The bulk, or 40 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has near average sales volume among other neighborhoods with $409.5 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Gravesend has 1.4 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 34,234 square feet of built space are mixed-use buildings, with retail buildings next occupying 3 percent of the space.

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