Yisroel Blatter, Mayer Weber pay $11M to Henry Kaszirer for industrial in Borough Park

Yisroel Blatter and Mayer Weber through the entity 1315 60th Street Realty LLC paid $11 million to Henry Kaszirer through the entity Kasmon, L.L.C for the industrial building (E1) at 1314 59th Street in Borough Park, Brooklyn. The expected use is owner-occupied. The property is already occupied by Aura Electrical Supply, which is affiliated with the Blatter and Kaszirer families.
The deal closed on March 25, 2025 and was recorded on April 1, 2025. The property has 25,420 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $432 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 Henry Kaszirer was Henry Kaszirer. The signatories for Yisroel Blatter and Mayer Weber were Yisroel Blatter and Mayer Weber. The contract date was March 25, 2025. At the same time as the sale, Aura Electrical Supply Inc. received a $4.6 million loan that was assigned to the U.S. Small Business Administration. The signage on the building is Aura Electric Supply, but the legal name is Aura Electrical Supply.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yisroel Blatter had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Henry Kaszirer had not purchased any other properties and had not sold any properties over the same time period. The 25,420-square-foot property generated revenue of $389,943 or $15 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Borough Park has 25,420 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 200 feet deep with a total lot size of 10,018 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 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 $8,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 25, 2024. 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 Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2.6 times the average sales volume among other neighborhoods with $694.8 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 18th highest in Brooklyn. It had 992,288 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 25 commercial properties representing 41,042 square feet of the 166,533 square feet. The two identified owners are Aron Levy and Samuel Strulovitch.
On the tax block, there was one new building construction project filed totaling 7,200 square feet. It is a two-unit, 7,200 square-foot residential (R-3) building submitted by Rose Weiser with plans filed December 23, 2020 and permitted June 4, 2024.

The majority, or 42 percent of the 166,533 square feet of built space are mixed-use buildings, with industrial buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Mayer Weber owned at least six commercial properties with 58 residential units in New York City with 24,730 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from Northeast Community Bank. Within the portfolio, the bulk, or 56 percent of the 24,730 square feet of built space are walkup properties, with industrial properties next occupying 27 percent of the space. The bulk, or 73 percent of the built space, is in Bronx, with Brooklyn next at 27 percent of the space.

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