USPS pays $6.5M for retail in Bushwick

United States Postal Service through the entity United States Postal Service paid $6.5 million to Yoram Eliyahu through the entity Broadway Gold LLC for the specialty retail building (Z3) at 1369 Broadway in Bushwick, Brooklyn. The expected use is owner-occupied.
The deal closed on February 3, 2026 and was recorded on February 25, 2026. The property has 16,355 square feet of built space and 49,140 square feet of additional air rights for a total buildable of 65,610 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $395 and the price per buildable square foot is $98 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 seller bought the property on January 6, 2011, for $4.7 million. The signatory for Yoram Eliyahu was Yoram Eliyahu. The contract date was January 30, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer United States Postal Service had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yoram Eliyahu had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Bushwick has 16,355 square feet of built space and 49,140 square feet of additional air rights for a total buildable of 65,610 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 150 feet deep with a total lot size of 27,000 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 $2.3 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 $125 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 neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 1.6 times the average sales volume among other neighborhoods with $525.6 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 13,135 square feet of the 51,702 square feet. The two identified owners are Greenbrook Partners and Abe Friedman.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 51,702 square feet of built space are walkup buildings, with specialty buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that United States Postal Service owned at least 41 commercial properties in New York City with 3,052,907 square feet and a city-determined market value of $544.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 48 percent of the 3,052,907 square feet of built space are specialty properties, with office properties next occupying 38 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Brooklyn next at 18 percent of the space.

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