Steinmetz, Beer, Deutsch pay $3.2M for 3-family in Williamsburg

Yehuda Steinmetz, Yosef Beer, and Menachem M. Deutsch through the entity 216 Terrace LLC paid $3.2 million to the entity 216 Hewes Street Trust for the three-unit building (C0) at 216 Hewes Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on April 29, 2025 and was recorded on May 27, 2025. The property has 3,480 square feet of built space and 1,583 square feet of additional air rights for a total buildable of 5,061 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $919 and the price per buildable square foot is $632 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 the sellers Jacob Deutsch and Helen Deutsch was Mechel Deutsch and Yechiel Steinmetz. The signatory for Yehuda Steinmetz , Yosef Beer , and Menachem M. Deutsch was Yehuda A. Steinmetz . The contract date was January 22, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yehuda Steinmetz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jacob Deutsch 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 Yechiel Steinmetz, officer and Mechel Deutsch, officer. The business entity is 216 Hewes St Trust Fund.

The property

The building with 3 residential units in Williamsburg has 3,480 square feet of built space and 1,583 square feet of additional air rights for a total buildable of 5,061 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,083 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 $2.4 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

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

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

The majority, or 78 percent of the 65,724 square feet of built space are mixed-use buildings, with walkup buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that Yosef Beer owned at least three commercial properties with five residential units in New York City with 13,010 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio has $15 million in debt, borrowed from Broadview Capital. Within the portfolio, the bulk, or 77 percent of the 13,010 square feet of built space are industrial properties, with walkup properties next occupying 23 percent of the space. They are all located in Bronx.
The PincusCo database currently indicates that Menachem M. Deutsch owned at least two commercial properties with 16 residential units in New York City with 14,368 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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