Shimon Klein pays $7M for office, retail in Williamsburg

Shimon Klein through the entity Broadbridge Holdings LLC paid $7 million to Mordechai Krausz through the entity Makach Realty Corp. for the office and retail building (O5) at 232-234 Broadway in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on December 4, 2024 and was recorded on December 20, 2024. The property has 12,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $583 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 Mordechai Krausz was written as Mordechai Kraus (with no z). In earlier property records the name was spelled Mordechay Krausz. The signatory for Shimon Klein was Shimon Klein. The contract date was December 28, 2023. The buyer’s name below the signature is misspelled as Shimon Klien but spelled correctly in loan documents.
This building has been the long-time commercial office for Shimon Klein.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Shimon Klein purchased one property in one transaction for a total of $4.7 million and has no record it sold any properties over the past 24 months.
The seller Mordechai Krausz had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Williamsburg has 12,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 41 feet and is 106 feet deep with a total lot size of 4,305 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.8 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 one DOB violation 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 11 commercial properties representing 268,310 square feet of the 365,612 square feet. The largest owner is Omni New York, followed by Danny Zelouf and then Atkins & Breskin.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 365,612 square feet of built space are elevator buildings, with mixed-use buildings next occupying 10 percent of the space.

The buyer

The PincusCo database currently indicates that Shimon Klein owned at least one commercial property with six residential units in New York City with 11,010 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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