Yeshiva’s 22-unit Williamsburg building in contract for $7.95M

The nonprofit United Munkacser Yeshivos, which also uses the name United Munkacs Yeshivos, has signed a contract with the entity 141 Ross Realty LLC, to sell the 22-unit walkup residential building (C7) at 141 Ross Street in Williamsburg, Brooklyn, for a total consideration of $7.95 million, according to a filing with the Office of the New York State Attorney General.

United Munkacser Yeshivos acquired the building in 1986, according to city property records. The Munkacs community is a Hasidic sect with a large presence in Borough Park, Brooklyn.

The contract vendee, 141 Ross Realty LLC, is in care of the law firm Reiss Sheppe LLP. PincusCo could not determine the identity of the individual or company behind the LLC.

The filing with the attorney general (pdf file) states the building has significant fines and violations, totaling $4.7 million. Of that, the bulk is $4.2 million owed to the New York City Department of Finance accrued between 2003 and 2021.

The property

The 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.

Prior sales and revenue

The 20,800-square-foot property generated revenue of $578,110 or $28 per square foot, according to the most recent income and expense figures.

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 4th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

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 Chaim Herzkovitz and Jeno Guttmann. There are no active new building construction projects on this tax block.

The owner

The 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 surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 141 Ross Street in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.