The Real Deal New York

Menachem Stark’s partner Israel Perlmutter buys East W’burg rental for $27.5M

BSA rejected the former owner’s bid to convert the warehouse into apartments

September 15, 2016 04:24PM
By Kyna Doles

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9 White Street in Williamsburg

Israel Perlmutter, a Brooklyn landlord who was a frequent partner of Menachem Stark, has purchased a 63-unit rental building at 9 White Street in East Williamsburg for $27.5 million.

Although the 63,000-square foot building has been subdivided into loft-style apartments, the property is still classified as commercial and is zoned for manufacturing. The Board of Standards and Appeals rejected a prior proposal from the former owner to legally convert the warehouse into apartments, city records show.

Bracha Volchik’s B.Z.V Enterprise Corp bought the building in 1997 for an undisclosed sum and used Perlmutter’s Garden Management to operate the building. Rents at the building in June were $2,200 for a one-bedroom apartment according to StreetEasy.

Perlmutter, through Garden Management, once owned more than 1,000 rental units across Greenpoint and Williamsburg. Most of the units were co-owned with Stark, who was murdered in January 2014. The murder trial over Stark’s death is ongoing.

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