Blimie Perlstein pays $13M to two sellers for two industrial buildings in Bensonhurst

The signatory Blimie Perlstein pays $13 million to two separate sellers in two transactions for industrial properties facing each other along 62nd Street in Bensonhurst, Brooklyn.

In the larger purchase, Blimie Perlstein through the entity 1663 62nd Street LLC paid $11.7 million to Shani Segal through the entity Mosdav Real Estate Inc. for industrial building (E1) at 1663 62nd Street in Bensonhurst, Brooklyn.
The deal closed on November 16, 2022 and was recorded on November 25, 2022. The property has 24,320 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $481 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 Shani Segal was Shani Segal. The signatory for Blimie Perlstein was Blimie Perlstein.

In the second, Blimie Perlstein through the entity 1663 62nd Street LLC paid $1.3 million to Nancy Soffer through the entity Qff Realty Corp. for industrial building (G7) at 1660 62nd Street in Bensonhurst, Brooklyn.
The deal closed on November 16, 2022 and was recorded on November 25, 2022. The property has 300 square feet of built space and 3,680 square feet of additional air rights for a total buildable of 4,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $4,333 and the price per buildable square foot is $325 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 Nancy Soffer was Nancy Soffer. The signatory for Blimie Perlstein was Blimie Perlstein.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Blimie Perlstein purchased one property in one transaction for a total of $3.1 million and has no record it sold any properties over the past 24 months.
The seller Shani Segal had not purchased any other properties and had not sold any properties over the same time period. The 24,320-square-foot property generated revenue of $238,102 or $10 per square foot, according to the most recent income and expense figures.

The property

The 1663 62nd Street parcel has frontage of 224 feet and is 100 feet deep with a total lot size of 22,400 square feet. 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 $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has 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 $5 million on this tax lot.

The neighborhood

In Bensonhurst, the bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has near average sales volume among other neighborhoods with $309.5 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 413,386 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.

The block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 32,020 square feet of the 173,728 square feet. The two identified owners are Yeshiva Gedolah Tefereth Shmuel and Yeshiva Tiferes Shmiel.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 173,728 square feet of built space are industrial buildings, with specialty buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Blimie Perlstein owned at least one commercial property in New York City with 3,584 square feet and a city-determined market value of $569,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

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