Boruch Weiss pays $7M for three industrial properties in East Williamsburg

Boruch Weiss through the entity 225 Cook LLC paid $7 million to Shiya Labin through the entity M Y M Cook LLC for the industrial building (F4) at 225 Cook Street in East Williamsburg, Brooklyn, industrial building (F5) at 229 Cook Street in East Williamsburg, Brooklyn, and industrial building (G7) at 223 Cook Street in East Williamsburg, Brooklyn.
The deal closed on December 7, 2022 and was recorded on December 13, 2022. The three properties have 17,995 square feet of built space and 7,475 square feet of additional air rights for a total buildable of 20,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $388 and the price per buildable square foot is $350 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 Shiya Labin was Shiya Labin. The signatory for Boruch Weiss was Boruch Weiss. The contract date is November 30, 2021.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 225 Cook Street.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Boruch Weiss had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shiya Labin purchased one properties in one transactions for a total of $24 million and had not sold any properties over the same time period.

The property

The 225 Cook Street parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,025 square feet. 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 $1.3 million.The most recent loan totaled $5.3 million and was provided by Golden Bridge Funding on June 28, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $2,000 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 $5 million on this tax lot.

The neighborhood

In East Williamsburg, the majority, or 63 percent of the 16.3 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 10 percent of the space. In sales, East Williamsburg has 1.2 times the average sales volume among other neighborhoods with $430.4 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, East Williamsburg has 1.2 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 225 Cook Street, PincusCo has identified the owners of five of the 12 commercial properties representing 68,768 square feet of the 139,712 square feet. The largest owner is Prakashkamur G. Patel, followed by Jack Guttman and then Adolphis Dexter.
On the tax block, there was one new building construction project filed totaling 44,878 square feet. It is a 44,878-square-foot F-2 building developed by Barry Borgen with plans filed June 7, 2017 and permitted March 8, 2018.

The majority, or 71 percent of the 139,712 square feet of built space are industrial buildings, with hotel buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Shiya Labin owned at least three commercial properties in New York City with 209,085 square feet and a city-determined market value of $22.9 million. (Market value is typically about 50% of actual value.) The portfolio has $40.1 million in debt, borrowed from ConnectOne Bank and Merchants Bank of Indiana. Within the portfolio, the bulk, or 71 percent of the 209,085 square feet of built space are office properties, with elevator properties next occupying 29 percent of the space. They are all located in Brooklyn.

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