Yoel Goldenberg pays $3M for two office properties in Borough Park

Yoel Goldenberg paid $3 million to Yeshiva U-Mesivta Toras Emes Kamenitz for the office building (O5) at 5715 16th Avenue in Borough Park, Brooklyn and office building (O5) at 5717 16th Avenue in Borough Park, Brooklyn.
The deal closed on February 23, 2023 and was recorded on February 24, 2023. The two properties have 5,360 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $559 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 Yoel Goldenberg was Yoel Goldenberg.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 5715 16th Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yoel Goldenberg had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yeshiva U-Mesivta Toras Emes Kamenitz had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 5,360 square feet of built space generated revenue of $168,625 per year or $31 per square foot. The sale price per square foot was $560.

The property

The 5715 16th Avenue parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,800 square feet. 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 $359,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 $5 million on this tax lot.

The neighborhood

In Borough Park, the bulk, or 24 percent of the 23.1 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 near average sales volume among other neighborhoods with $366.5 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 1.1 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.

The block

On the tax block, there were two new building construction projects totaling 8,807 square feet. The largest is a one-unit, 8,219-square-foot J-3 building developed by Joel Stern with plans filed November 1, 2021 and permitted April 14, 2022. The second largest is a N/A-unit, 588-square-foot A-3 building developed by Avraham Mordech Weits with plans filed March 20, 2020 and it has not been permitted yet.

The majority, or 46 percent of the 40,398 square feet of built space are walkup buildings, with mixed-use buildings next occupying 34 percent of the space.

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