Aaron Zimmerman pays $5.9M for industrial in Brownsville

Aaron Zimmerman through the entity Jpma 1058 Holding LLC paid $5.9 million to Miriam Abramczyk through the entity Ma Ditmas Holding LLC for industrial building at 9863 Ditmas Avenue in Brownsville, Brooklyn.
The deal closed on December 30, 2021 and was recorded on May 12, 2022. The property has 18,330 square feet of built space for a total buildable of 18,333 square feet according to PincusCo analysis of city data. The sale price per built square foot is $321 and the price per buildable square foot is $321 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 Miriam Abramczyk was Jeffrey B. Zwick. The signatory for Aaron Zimmerman was Aaron Zimmerman. Miriam Abramczyk signed on the previous mortgage for the property as the sole member of the owner LLC.

Prior sales and revenue

The 18,330-square-foot property generated revenue of $227,703 or $12 per square foot, according to the most recent income and expense figures.

The property

The 9863 Ditmas Avenue parcel has frontage of 113 feet and is 221 feet deep with a total lot size of 18,333 square feet. The lot is irregular. 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 million.

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 Brownsville, the bulk, or 35 percent of the 40.2 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 23 percent of the space. In sales, Brownsville has had very little sales volume relative to other neighborhoods with $62.9 million in sales volume in the last two years. For development, Brownsville has 1.4 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 4,939 square feet of the 65,835 square feet. The identified owner is Samuel Kairy. There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 70,835 square feet of built space are industrial buildings, with specialty buildings next occupying 7 percent of the space.

Surrounding

Within a 400-foot radius of 9863 Ditmas Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Vladimir Furleiter borrowed $5.5 million from Hirshmark Capital secured by the 45,740-square-foot, one-unit industrial (F5) on 723 Bristol Street on February 15, 2022.

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