Yeshiva sells 22-unit walkup in Williamsburg for $7.95M, DOB docs show Hershel Silberstein as owner

The entity 141 Ross Realty LLC paid $8 million to United Munkacser Yeshivos for the 22-unit residential walkup building (C7) at 141 Ross Street in Williamsburg, Brooklyn. Hershel Silberstein and Joel Landau are identified as owners who have filed plans for the building.
The deal closed on March 22, 2024 and was recorded on March 26, 2024. The property has 20,800 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $382 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 signatory for United Munkacser Yeshivos was Steven Frankel. The signatory for the buyer was attorney Doran Golubtchik. The contract date was February 18, 2022.
Two possible buyers are Joel Landau and Hershel Silberstein, according to Department of Buildings permit records that identify each of them owners in job applications. PincusCo reported in February 2024 that United Munkacser Yeshivos, which also uses the name United Munkacs Yeshivos, was in contract to sell the property.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Joel Landau purchased one property in one transaction for a total of $9 million and has no record it sold any properties over the past 24 months.
The seller United Munkacser Yeshivos had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Arya Fried, head officer and Arye Fried, agent. The business entity is United Munkacs Yashivahs.

The property

The residential walkup building with 22 residential units in Williamsburg has 20,800 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 58 feet and is 100 feet deep with a total lot size of 5,853 square feet. 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 $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 five DOB violations and $600 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 block

On this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 51,750 square feet of the 152,768 square feet. The two identified owners are Jeno Guttmann and Chaim Herzkovitz.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 152,768 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Joel Landau owned at least six commercial properties with 20 residential units in New York City with 128,272 square feet and a city-determined market value of $47.1 million. (Market value is typically about 50% of actual value.) The portfolio has $35.6 million in debt, borrowed from Metropolitan Commercial Bank and Webster Bank. Within the portfolio, the bulk, or 62 percent of the 128,272 square feet of built space are specialty properties, with industrial properties next occupying 25 percent of the space. The bulk, or 67 percent of the built space, is in Queens, with Brooklyn next at 33 percent of the space.

Direct link to Acris document. link