Westbridge Realty Group pays $6.2M for 99-unit dev site in Brownsville

Westbridge Realty Group through the entity Osborn Commons LLC paid $6.2 million to Russell Fedele and Brian Fedele through the entity Osborn Belmont Properties, LLC for the 99-unit development site at 138 Osborn Street in Brownsville, Brooklyn.

On these lots, there is one active new building construction project, B01208799, for a 99-unit, 79,815 square-foot residential (R-2) building. The project was submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed April 10, 2025 and it has not been permitted yet.
The deal closed on October 22, 2025 and was recorded on October 27, 2025.
The signatory for Russell Fedele and Brian Fedele was Russell Fedele and Brian Fedele. The signatory for Westbridge Realty Group was Steven Westreich . The contract date was January 22, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Westbridge Realty Group purchased two properties in two transactions for a total of $16.5 million and has no record it sold any properties over the past 24 months.
The seller Russell Fedele had not purchased any other properties and sold 10 properties in two transactions for a total of $8.8 million over the same time period. The six properties with a total of 23,564 square feet of built space generated revenue of $577,887 per year or $25 per square foot. The sale price per square foot was $265.

The property

The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The lot is irregular. 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 $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The neighborhood

In Brownsville, The bulk, or 46 percent of the 28.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has had very little sales volume relative to other neighborhoods with $174.2 million in sales volume in the last two years. For development, Brownsville has 1.3 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 79,815 square feet. It is a 99-unit, 79,815 square-foot residential (R-2) building submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed April 10, 2025 and it has not been permitted yet.

The majority, or 36 percent of the 101,528 square feet of built space are hotel buildings, with retail buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Westbridge Realty Group owned at least 17 commercial properties with 75 residential units in New York City with 86,386 square feet and a city-determined market value of $15.5 million. (Market value is typically about 50% of actual value.) The portfolio has $82.2 million in debt, with top three lenders as Cross River Bank, Argentic Investment Management, and IceCap Group respectively. Within the portfolio, the bulk, or 19 percent of the 86,386 square feet of built space are industrial properties, with C0 properties next occupying 19 percent of the space. The bulk, or 97 percent of the built space, is in Bronx, with Brooklyn next at 3 percent of the space.

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