Avdoo & Partners Development pays $44.4M to Warren Prosky for dev site in Boerum Hill

Avdoo & Partners Development paid $44.4 million to Warren Prosky for industrial in Boerum Hill in two separate transactions.

In the first, Avdoo & Partners Development through the entity Bergen Owner LLC paid $32.3 million to Warren Prosky through the entity Morlef Realty Corp. for industrial (G1) at 341 Bergen Street in Boerum Hill, Brooklyn.
In addition, Avdoo & Partners Development signed a $27.8 million acquisition loan with Bank Leumi.

The deal closed on December 28, 2021 and was recorded on January 6, 2022.
The property has 18,955 square feet of built space and 93,375 square feet of additional air rights for a total buildable of 112,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,705 and the price per buildable square foot is $287 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 Warren Prosky was Warren Prosky. The signatory for Avdoo & Partners Development was Shlomo Avdoo.

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In the second transaction, Avdoo & Partners Development through the entity Bergen Owner LLC paid $12.1 million to Warren Prosky through the entity R.A.L. Realty Corp. for development site (V0) at 336 Dean Street in Boerum Hill, Brooklyn, development site (V0) at 338 Dean Street in Boerum Hill, Brooklyn, and development site (V0) at 343 Bergen Street in Boerum Hill, Brooklyn.
The deal closed on December 28, 2021 and was recorded on January 6, 2022.
The three properties have 0 square feet of built space and 21,249 square feet of additional air rights for a total buildable of 21,249 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $568 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 Warren Prosky was Warren Prosky. The signatory for Avdoo & Partners Development was Shlomo Avdoo.

Within a 400-foot radius of 336 Dean Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on November 17, 2021 for a 46,985-square-foot R-2 building with 53 residential units at 52 4th Avenue.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on December 4, 2021 for the $3.0 million renovation of 7,788-square-foot R-2 building with eight residential units at 332 Bergen Street.
Of those five items, two were loans above $5 million totaling $28.5 million. The most recent of the two was Frank J. Rio which borrowed $23.5 million from Popular Bank secured by the 2,040-square-foot, two-unit two-family building (B9) on 360 Dean Street and five other properties on January 4, 2022.

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