Yoel Teitelbaum signs contract to buy gas station in Crown Heights for undisclosed amount

Yoel Teitelbaum through the entity 1062 Atlantic Avenue LLC signed a contract as buyer with Esther Zernitsky through the entity Manny Enterprises LLC as seller for the industrial building (G4) at 1062 Atlantic Avenue in Crown Heights, Brooklyn. The sale price was not disclosed but Teitelbaum has made a $400,000 deposit. The memorandum of contract says the closing it set for no later than September 19, 2026.
The memorandum of contract was signed on September 19, 2024 and was recorded on May 4, 2026. The property has 2,184 square feet of built space and 4,850 square feet of additional air rights for a total buildable of 7,029 square feet according to a PincusCo analysis of city data. (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 Esther Zernitsky was Esther Zernitsky. The signatory for Yoel Teitelbaum was Yoel Teitelbaum.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Yoel Teitelbaum had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Esther Zernitsky had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Crown Heights has 2,184 square feet of built space and 4,850 square feet of additional air rights for a total buildable of 7,029 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 70 feet deep with a total lot size of 7,029 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.1 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 $1,250 in ECB penalties and $3,800 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 Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 2.4 times the average sales volume among other neighborhoods with $839.1 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Crown Heights has 1.5 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.4 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 were 156 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 22 commercial properties representing 54,127 square feet of the 84,135 square feet. The largest owner is Greenpoint Manufacturing And Design Center, followed by Black Spruce Management and then Signature Investment Group.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 84,135 square feet of built space are industrial buildings, with mixed-use buildings next occupying 10 percent of the space.

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