Yeshiva Ketana Flushing pays $15M for building in Williamsburg

Yeshiva Ketana Flushing paid $15 million to Kollel Avreichem Torah Veyirah through the entity S&O 741 Flushing LLC for the specialty building (I9) at 741 Flushing Avenue in Williamsburg, Brooklyn. The expected use is owner-occupied.
The deal closed on January 2, 2025 and was recorded on January 7, 2025. The property has 22,430 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $668 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 March 22, 2023, for $6 million, but was based on a contract from February 2019. The adjacent building at 731 Flushing sold in December for $26.5 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yeshiva Ketana Flushing had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kollel Avreichem Torah Veyirah had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Williamsburg has 22,430 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 55 feet and is 100 feet deep with a total lot size of 8,200 square feet. The lot is irregular. 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 $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 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 Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 5th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 20 commercial properties representing 115,350 square feet of the 165,004 square feet. The largest owner is Congregation Darkei Tshivo Of Dinov, followed by Elysee Investment Company and then Avi Szenberg.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 165,004 square feet of built space are office buildings, with mixed-use buildings next occupying 38 percent of the space.

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