Bnos Shifra pays $6.8M for retail in Borough Park

Bnos Shifra through the entity Bnos Shifra Trust paid $6.8 million to Pirchei Shoshana through the entity Pirchei Shoshana, LLC for the retail building (K1) at 1462 39th Street in Borough Park, Brooklyn. The expected use is cash flowing.
The deal closed on November 6, 2024 and was recorded on November 19, 2024. The property has 9,425 square feet of built space and 9,425 square feet of additional air rights for a total buildable of 18,850 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $721 and the price per buildable square foot is $360 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 seller bought the property on November 12, 2021, for $5.5 million. The signatory for Pirchei Shoshana was Menachem Mendel Ickowics. The signatory for Bnos Shifra was Menachem Mendel Ickowics. The contract date was November 6, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bnos Shifra had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pirchei Shoshana had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Borough Park has 9,425 square feet of built space and 9,425 square feet of additional air rights for a total buildable of 18,850 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 95 feet deep with a total lot size of 9,425 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 $1.1 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.

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 Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2.4 times the average sales volume among other neighborhoods with $622.8 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 15th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 14 commercial properties representing 85,719 square feet of the 142,089 square feet. The largest owner is Safe N Lock Storage, followed by Abraham Lazer Kviat and then Joel Follman.
On the tax block, there were two new building construction projects totaling 109,061 square feet. The largest is a 63,815 square-foot storage (S-1) building submitted by SNL Storage and filed by Michael Jayne with plans filed March 19, 2020 and permitted December 8, 2020. The second largest is a 42-unit, 45,246 square-foot residential (R-2) building submitted by Juda Lefkowitz and filed by Juda Lefkowitz with plans filed March 9, 2022 and permitted April 24, 2023.

The majority, or 50 percent of the 142,089 square feet of built space are industrial buildings, with mixed-use buildings next occupying 22 percent of the space.

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