BentallGreenOak through the entity Linden Logistics ILP LLC paid $20.4 million to Charles Monchik through the entity 2300 Linden Realty Corp. for the industrial building (E1) at 2300 Linden Boulevard in East New York, Brooklyn. BentallGreenOak acquired the ground lease position in a transaction valued at $24.7 million in January 2021. Amazon is a subtenant in the building.
The new sale closed on April 4, 2023 and was recorded on April 10, 2023. The property has 86,864 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $234 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 Charles Monchik was Charles Monchik. The signatory for BentallGreenOak was Stephen Lekki and Mark Reinikka.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer BentallGreenOak had purchased any other properties and sold four properties in one transaction for a total of $142.3 million over the past 24 months.
The seller Charles Monchik had not purchased any other properties and had not sold any properties over the same time period. The 86,864-square-foot property generated revenue of $1.9 million or $21 per square foot, according to the most recent income and expense figures.
The industrial building in East New York has 86,864 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 399 feet deep with a total lot size of 79,850 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 $11.3 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
For the tax lot building, it received its initial certificate of occupancy on August 10, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In East New York, The bulk, or 40 percent of the 44.5 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 2.3 times the average sales volume among other neighborhoods with $818 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, East New York is the 9th most active neighborhood among other neighborhoods. It had 4.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 119,648 square feet of the 119,648 square feet. The two identified owners are Daryl Hagler and BentallGreenOak.
There are no active new building construction projects on this tax block.
All properties are industrial.
The PincusCo database currently indicates that BentallGreenOak owned at least eight commercial properties with 858 residential units in New York City with 2,260,545 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 2,260,545 square feet of built space are office properties, with elevator properties next occupying 40 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.
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