Yeshiva Ketane Flushing pays $7M to CW Realty for possible dev site in Bedford Stuyvesant

Yeshiva Ketane Flushing through the entity Yeshiva Ketane Flushing Inc. paid $7 million to CW Realty Group through the entity 525 Park LLC for the retail building (K1) at 525-533 Park Avenue in Bedford Stuyvesant, Brooklyn. The expected use is ground up development.
The deal closed on June 25, 2025 and was recorded on July 11, 2025. The property has 11,657 square feet of built space and 11,657 square feet of additional air rights for a total buildable of 23,314 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $600 and the price per buildable square foot is $300 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.)
CW Realty Group bought the property on August 12, 2020, for $5.8 million. The signatory for CW Realty Group was Perl Weisz . The signatory for Yeshiva Ketane Flushing was Leopold Teitelbaum. The contract date was June 6, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yeshiva Ketane Flushing had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller CW Realty Group purchased two properties in one transaction for a total of $15.8 million and had not sold any properties over the same time period. The 11,657-square-foot property generated revenue of $253,773 or $22 per square foot, according to the most recent income and expense figures.

The property

The retail building in Bedford Stuyvesant has 11,657 square feet of built space and 11,657 square feet of additional air rights for a total buildable of 23,314 square feet according to a PincusCo analysis of city data. The parcel has frontage of 124 feet and is 97 feet deep with a total lot size of 11,657 square feet. 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 $1.3 million. The most recent loan totaled $5.7 million and was provided by Hanover Community Bank on September 20, 2021.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $11 million judgment concerning a contract filed on July 25, 2023, by Haim Kahan against CW Realty Group and Cheskie Weisz. In addition, according to city public data, the property has received $3,000 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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 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 the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 1.9 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 18 commercial properties representing 132,247 square feet of the 170,526 square feet. The largest owner is Joel Schwartz, followed by Moses Wertheimer and then Big Dream Developers.
On the tax block, there were three new building construction projects totaling 180,522 square feet. The largest is a 90,213 square-foot mercantile (M) building submitted by Moses Wertheimer with plans filed March 7, 2019 and permitted June 27, 2023. The second largest is a 71,574 square-foot business (B) building submitted by Moses Wertheimer and filed by Moses Wertheimer with plans filed June 22, 2022 and it has not been permitted yet.

The majority, or 70 percent of the 170,526 square feet of built space are office buildings, with industrial buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that CW Realty Group owned at least 29 commercial properties with 367 residential units in New York City with 298,774 square feet and a city-determined market value of $63.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 49 percent of the 298,774 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. The bulk, or 86 percent of the built space, is in Brooklyn, with Queens next at 10 percent of the space.

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