Agus Holdings pays $13.5M for two commercial properties in Sheepshead Bay

Agus Holdings through the entity Ah Fb Bk LLC paid $13.5 million to Doody Holding for the mixed-use building (K1) at 2461 East 17th Street in Sheepshead Bay, Brooklyn and a surface parking lot across the street at 2450 East 17th Street in Sheepshead Bay, Brooklyn.
The deal closed on June 18, 2024 and was recorded on June 27, 2024. The two properties have 30,598 square feet of built space and 16,170 square feet of additional air rights for a total buildable of 46,828 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $441 and the price per buildable square foot is $288 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 signatories for Doody Holding were Allison L.K. Mieloch, Anita Doody, and Lila M. Barr. The signatory for Agus Holdings was Joshua Agus. The contract date was January 11, 2024. The Doody family has owned a stake in the properties since at least 1967, property records show.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Agus Holdings had purchased one property for $2.6 million and has no record it sold any properties over the past 24 months.
The seller Doody Holding had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 30,598 square feet of built space generated revenue of $817,058 per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 $1 million on this tax lot.

The neighborhood

In Sheepshead Bay, The bulk, or 44 percent of the 26.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.9 times the average sales volume among other neighborhoods with $497.8 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 820,033 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. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

All properties are mixed-use.

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