Blend Bekteshi pays $2.3M for industrial in Sunset Park
Blend Bekteshi through the entity Blend 251 LLC paid $2.3 million to Charles M. Greef through the entity D.M.T. Realty Corp. for the industrial building (E1) at 251 43rd Street in Sunset Park, Brooklyn.
The deal closed on January 19, 2024 and was recorded on January 23, 2024. The property has 7,000 square feet of built space and 7,011 square feet of additional air rights for a total buildable of 14,022 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $325 and the price per buildable square foot is $162 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 M. Greef was Charles M. Greef. The signatory for Blend Bekteshi was Blend Bekteshi. The contract date was December 29, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Blend Bekteshi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Charles M. Greef had not purchased any other properties and had not sold any properties over the same time period.
The property
The industrial building in Sunset Park has 7,000 square feet of built space and 7,011 square feet of additional air rights for a total buildable of 14,022 square feet according to a PincusCo analysis of city data. The parcel has frontage of 70 feet and is 100 feet deep with a total lot size of 7,011 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $388,000.
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 received $50 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 $1 million on this tax lot.
The neighborhood
In Sunset Park, The bulk, or 30 percent of the 34 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Sunset Park has 1.3 times the average sales volume among other neighborhoods with $412.7 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 38,702 square feet of commercial and multi-family construction under development in the last two years, which represents 0.11 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of five of the 39 commercial properties representing 14,961 square feet of the 121,962 square feet. The largest owner is Robert Gardyn, followed by Mario Valdes and then Jacqueline Arroyo.
On the tax block, there was one new building construction project filed totaling 5,004 square feet. It is a 5,004 square-foot industrial (F-2) building submitted by Alan Qoku with plans filed March 25, 2014 and permitted January 2, 2015.
The majority, or 76 percent of the 121,962 square feet of built space are industrial buildings, with mixed-use buildings next occupying 16 percent of the space.
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