Shimon Brach pays $7.1M for mixed-use in Williamsburg

Shimon Brach through the entity 75 Heyward Realty LLC paid $7.1 million to Mor Paskes through the entity Myp Trust for the five-unit mixed-use building (S5) at 682-684 Bedford Avenue in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on January 15, 2025 and was recorded on January 24, 2025. The property has 7,470 square feet of built space and 894 square feet of additional air rights for a total buildable of 8,359 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $950 and the price per buildable square foot is $849 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 Mor Paskes was Chaim Tauber. The signatory for Shimon Brach was Shimon Brach. The contract date was February 8, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shimon Brach had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mor Paskes had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Chaim Tauber, head officer and Eli Paskes, site manager. The business entity is Myp Trust.

The property

The mixed-use building with 5 residential units in Williamsburg has 7,470 square feet of built space and 894 square feet of additional air rights for a total buildable of 8,359 square feet according to a PincusCo analysis of city data. The parcel has frontage of 43 feet and is 80 feet deep with a total lot size of 3,440 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $783,000.

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 one DOB violation and $300 in OATH penalties 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 $2 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.3 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 this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 7,470 square feet of the 46,386 square feet. The two identified owners are Chaim Tauber As Trustee Of MYP Trust and Express Builders.
On the tax block, there was one new building construction project filed totaling 14,146 square feet. It is a four-unit, 14,146 square-foot residential (R-2) building submitted by Leo Klein with plans filed June 28, 2019 and it has not been permitted yet.

The majority, or 62 percent of the 46,386 square feet of built space are retail buildings, with mixed-use buildings next occupying 38 percent of the space.

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