Shimon Klein through the entity Translee LLC paid $4.7 million to Mendel Oppenheim through the entity Binyan Av Veem LLC for the six-unit mixed-use building (S9) at 196 Lee Avenue in Williamsburg, Brooklyn.
The deal closed on November 1, 2023 and was recorded on November 14, 2023. The property has 11,010 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $426 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 Mendel Oppenheim was Mendel Oppenheim. The signatory for Shimon Klein was Shimon Klein. The contract date was December 12, 2019.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Shimon Klein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mendel Oppenheim 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 Mendel Oppenheim, head officer and Leo Schlesinger, individual owner. The business entity is The Binyan Ave Veem Llc.
The mixed-use building with 6 residential units in Williamsburg has 11,010 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,057 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 $1.2 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 received five DOB violations and $50 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
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 3rd highest sale turnover among other neighborhoods in the city with $2.7 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. There were five pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On this tax block, PincusCo has identified the owners of nine of the 14 commercial properties representing 63,156 square feet of the 145,471 square feet. The largest owner is Moshe Fruchter, followed by Joseph Goldberger and then Isac Deutsch.
There are no active new building construction projects on this tax block.
The majority, or 44 percent of the 145,471 square feet of built space are walkup buildings, with specialty buildings next occupying 37 percent of the space.
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