Zalmen Leibowitz pays $3.1M for mixed-use in Bedford Stuyvesant

Zalmen Leibowitz through the entity 819 Mazel Mit Brucha LLC paid $3.1 million to Noon Gourfain for the mixed-use building (S1) at 819 Bedford Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on February 9, 2023 and was recorded on February 16, 2023. The property has 2,300 square feet of built space and 5,200 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,347 and the price per buildable square foot is $413 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 Noon Gourfain was Noon Gourfain. The signatory for Zalmen Leibowitz was Zalmen Leibowitz.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Zalmen Leibowitz purchased one property in one transaction for a total of $3 million and has no record it sold any properties over the past 24 months.
The seller Noon Gourfain had not purchased any other properties and had not sold any properties over the same time period.

The property

The 819 Bedford Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $929,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has 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 Bedford Stuyvesant, the bulk, or 34 percent of the 53.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Bedford Stuyvesant has 2.3 times the average sales volume among other neighborhoods with $796.4 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Bedford Stuyvesant is the 10th most active neighborhood among other neighborhoods. It had 3.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 17 commercial properties representing 44,214 square feet of the 115,085 square feet. The largest owner is Jacob Kohn, followed by Rofeh Cholim Cancer Society and then Zalmen Leibowitz.
On the tax block, there was one new building construction project filed totaling 1,200 square feet. It is a N/A-unit, 1,200-square-foot B building developed by Andy Lautenbacher with plans filed February 19, 2014 and it has not been permitted yet.

The majority, or 60 percent of the 74,119 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 Zalmen Leibowitz owned at least one commercial property in New York City with 2,500 square feet and a city-determined market value of $242,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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