Abe Hirsch pays $11.1M for property in Bushwick

Abe Hirsch through the entity 333 Muffin LLC paid $11.1 million to Juan A. Figueroa through the entity 333 Moffat LLC for industrial building at 335-359 Moffat Street in Bushwick, Brooklyn.
The deal closed on April 14, 2022 and was recorded on May 10, 2022. The property has 22,396 square feet of built space and 5,600 square feet of additional air rights for a total buildable of 28,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $495 and the price per buildable square foot is $396 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 seller bought the property on August 31, 2016, for $3.7 million. The signatory for Juan A. Figueroa was Juan A. Figueroa. The signatory for Abe Hirsch was Abe Hirsch. TradedNY first reported the sale. The transaction was facilitated by Silver Heights Capital, according to the report.

Prior sales and revenue

The seller Juan A. Figueroa had not purchased any other properties and had not sold any properties over the same time period.

The property

The 335-359 Moffat Street parcel has frontage of 280 feet and is 100 feet deep with a total lot size of 28,000 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 $1.8 million.The most recent loan totaled $8.2 million and was provided by Silver Heights Development on December 22, 2020.

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 received $250 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 $5 million on this tax lot.

The neighborhood

In Bushwick, the bulk, or 32 percent of the 51.4 million square feet of commercial built space are 1-4 family buildings, with residential walkup buildings next occupying 29 percent of the space. In sales, Bushwick has 3.3 times the average sales volume among other neighborhoods with $910.2 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.2 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one 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 nine of the 18 commercial properties representing 78,696 square feet of the 119,146 square feet. The largest owner is Juan A. Figueroa, followed by Sholom Dov Andrusier and then Simon Kaufman. There are three active new building construction projects totaling 13,889 square feet. The largest is a six-unit, 5,996-square-foot R-2 building developed by Victor Baranes with plans filed March 7, 2017 and it has not been permitted yet. The second largest is a six-unit, 5,400-square-foot R-2 building developed by Isaac Bryon with plans filed August 20, 2013 and it has not been permitted yet.

The majority, or 51 percent of the 139,812 square feet of built space are industrial buildings, with residential walkup buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Juan A. Figueroa owned at least one commercial property with 22,396 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio has $8.2 million in debt, borrowed from Silver Heights Development. The portfolio consists of at least a single industrial property. It is located in Brooklyn.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 335-359 Moffat Street that occurred over the past 24 months.

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