Tiferes Yehuda Family Trust, Joel Waldman pay $5.6M for industrial in Bedford Stuyvesant

Tiferes Yehuda Family Trust and Joel Waldman through the entity 64 Energy LLC (and others) paid $5.6 million to Raymond Lee through the entity Silverman-Shaw Inc. for the industrial building (F5) at 64-66 Franklin Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on June 8, 2023 and was recorded on June 15, 2023. The property has 13,440 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $416 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 Raymond Lee was Raymond Lee. The signatory for the buyers were Joel Waldman and A. Meir Schwartz.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tiferes Yehuda Family Trust had purchased any other properties and sold one property in one transaction for a total of $3.7 million over the past 24 months.
The seller Raymond Lee had not purchased any other properties and sold one property in one transaction for a total of $4.1 million over the same time period. The 13,440-square-foot property generated revenue of $164,725 or $12 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Bedford Stuyvesant has 13,440 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 112 feet deep with a total lot size of 4,929 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $912,000.

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 not received any significant violations 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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has 2.7 times the average sales volume among other neighborhoods with $971.1 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Bedford Stuyvesant has 3.3 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 16 commercial properties representing 204,096 square feet of the 471,548 square feet. The two identified owners are Zelig Weiss and Aaron Green.
On the tax block, there were two new building construction projects totaling 288,034 square feet. The largest is a 86-unit, 176,868 square-foot residential (R-2) building submitted by Zelig Weiss|Riverside Developers and filed by Zelig Weiss with plans filed August 6, 2018 and permitted October 30, 2020. The second largest is a 75-unit, 111,166 square-foot residential (R-2) building submitted by Zelig Weiss|Riverside Developers and filed by Zelig Weiss with plans filed August 6, 2018 and permitted October 29, 2020.

The majority, or 42 percent of the 471,548 square feet of built space are industrial buildings, with elevator buildings next occupying 38 percent of the space.

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