Ulgur Aydin pays $7.2M to Israel Elbogen for dev site in Williamsburg

Ulgur Aydin through the entity Or2 Development LLC paid $7.2 million to Israel Elbogen through the entity 96 North 10th Street Holdings LLC for the development site at 100 North 10th Street in Williamsburg, Brooklyn. The expected use is ground up development.

This is the eastern portion of what was Lot 9, which was divided and this new Lot 10, was created. It is about 52 feet wide and 100 feet deep.

The deal closed on January 27, 2026 and was recorded on February 2, 2026. The property has zero square feet of built space according to a PincusCo analysis of city data.  (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 Israel Elbogen was Israel Elbogen. The signatory for Ulgur Aydin was Ulgur Aydin. The contract date was January 14, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Ulgur Aydin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Israel Elbogen had not purchased any other properties and sold three properties in three transactions for a total of $17.1 million over the same time period.

The property

PincusCo cannot determine the lot area of the 100 North 10th Street parcel at this time.

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 block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 21,900 square feet of the 156,975 square feet. The largest owner is Fernando Feria, followed by Adam Fishman and then Brian Donnelley.
On the tax block, there was one new building construction project filed totaling 15,574 square feet. It is a 11-unit, 15,574 square-foot residential (R-2) building submitted by Simon Lichtenstein and filed by Simon Lichtenstein with plans filed April 7, 2025 and it has not been permitted yet.

The majority, or 51 percent of the 156,975 square feet of built space are hotel buildings, with office buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Israel Elbogen owned at least one commercial property with three residential units in New York City with 3,712 square feet and a city-determined market value of $769,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Ulgur Aydin owned at least one commercial property in New York City with 20,000 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio has $32 million in debt, borrowed from Castellan Capital. The portfolio consists of at least a single office property. It is located in Brooklyn.

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