Allure Group pays $13M for likely development site in Borough Park

The nursing home owner the Allure Group through the entity 1490 Mcdonald LLC paid $13 million to Jean Rosenthal through the entity Mm Ah2, LLC for an industrial building at 1490 McDonald Avenue in Borough Park, Brooklyn.
The deal closed on December 28, 2021 and was recorded on January 11, 2022.
The property has 29,550 square feet of built space and 26,236 square feet of additional air rights for a total buildable of 55,822 square feet according to PincusCo analysis of city data. The sale price per built square foot is $439 and the price per buildable square foot is $232 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 Jean Rosenthal was Jean Rosenthal. The signatory for Allure Group was Solomon Rubin.
Prior to this transaction, the buyer Allure Group had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Jean Rosenthal had not purchased any other properties and had not sold any properties over the same time period.
The 29,550-square-foot property generated revenue of $318,016 or $11 per square foot, according to the most recent income and expense figures.

Solomon Rubin is CEO of the Allure Group. The LLC that purchased the building has a registration address at the Allure Group’s address. B6 Real Estate was marketing this property and a set up is available here.
In Borough Park, the majority, or 46 percent of the 48.6 million square feet of built space are 1-4 family buildings, with specialty buildings next occupying 15 percent of the space. In sales, Borough Park has had very little sales volume relative to neighborhoods in the city with $140.2 million in sales volume in the last two years. For development, Borough Park has 1.3 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Brooklyn. It had 1.2 million square feet of commercial construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 51 percent of the 387,446 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 37 percent of the space.

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