Zev Mayer pays $4.6M for 10-unit dev site in Bedford Stuyvesant

Zev Mayer through the entity 735m LLC paid $4.6 million to Renee Basile through the entity Bentley Properties Management Inc. for the mixed-use building (S1) at 735-737 Myrtle Avenue in Bedford Stuyvesant, Brooklyn. The expected use is ground up development.

On the lot, there is one active new building construction project, B01099712, for a 10-unit, 18,338 square-foot residential (R-2) building. The project was submitted by Zev Mayer with plans filed August 22, 2024 and it has not been permitted yet.
The deal closed on August 16, 2024 and was recorded on August 27, 2024. The property has 2,536 square feet of built space and 15,833 square feet of additional air rights for a total buildable of 18,370 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,804 and the price per buildable square foot is $249 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.)
John Basile bought the property on October 28, 2009, for $600,000. The signatory for Renee Basile was Renee Basile. The signatory for Zev Mayer was Renee Basile. The contract date was May 13, 2024. Renee Basile is CEO of Bentley Properties Management. Renee is the widow of John Basile.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Zev Mayer purchased one property in one transaction for a total of $7.8 million and has no record it sold any properties over the past 24 months.
The seller Renee Basile had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Bedford Stuyvesant has 2,536 square feet of built space and 15,833 square feet of additional air rights for a total buildable of 18,370 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 87 feet deep with a total lot size of 4,374 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 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 eight DOB violations and $950 in OATH penalties in the last year.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 6th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.6 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.8 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 was one 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 six of the 26 commercial properties representing 312,599 square feet of the 375,402 square feet. The largest owner is Robert Hoffman, followed by Price Stone and then Sam Strulovitch.
On the tax block, there was one new building construction project filed totaling 18,338 square feet. It is a 10-unit, 18,338 square-foot residential (R-2) building submitted by Zev Mayer with plans filed August 22, 2024 and it has not been permitted yet.

The majority, or 86 percent of the 375,402 square feet of built space are industrial buildings, with retail buildings next occupying 10 percent of the space.

The buyer

The PincusCo database currently indicates that Zev Mayer owned at least three commercial properties with 92 residential units in New York City with 5,516 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) The portfolio has $42.9 million in debt, with top three lenders as Valley National Bank, Broadview Capital, and Broad X Funding respectively. Within the portfolio, the bulk, or 61 percent of the 5,516 square feet of built space are mixed-use properties, with development properties next occupying 39 percent of the space. They are all located in Bronx.

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