Broadfield Realty Capital pays $5.4M for dev site in Dyker Heights

Broadfield Realty Capital through the entity 65th Development LLC paid $5.4 million to Phyllis Schussler Irrevocable Grantor Trust through the entity 801 65th Street Owner Iii LLC for the development at 801 65th Street in Dyker Heights, Brooklyn.
The deal closed on December 29, 2021 and was recorded on January 21, 2022.
The property has 0 square feet of built space and 12,000 square feet of additional air rights for a total buildable of 12,000 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $446 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 February 22, 2011, for $210,000.
The signatory for Phyllis Schussler Irrevocable Grantor Trust was Samuel Schussler, Judith Gross, Lynn Syms, Barbara Sigelbaum, and Bill Lim. The signatory for Broadfield Realty Capital was Uanderson Benedetti.

There has been one demolition project filed for the parcels over the past five years.
Uanderson Benedetti is the managing principal of Broadfield Realty Capital.

In Dyker Heights, the majority, or 62 percent of the 20.3 million square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 10 percent of the space. In sales, Dyker Heights has had very little sales volume relative to other neighborhoods with $62.3 million in sales volume in the last two years. For development, Dyker Heights has had very little major development activity relative to other neighborhoods.It had 303,035 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.
On the tax block, the majority, or 44 percent of the 181,098 square feet of built space are industrial buildings, with retail buildings next occupying 23 percent of the space.
Within a 400-foot radius of 801 65th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $286,012 and one permit with a total initial cost of $584,253. The most recent of these two items was the filing on November 23, 2021 for a 9,074-square-foot M building with 0 residential units at 863 65th Street.
One of those three items was a loan which John Giuffre borrowed $19.3 million from Bank of China secured by the 22,000-square-foot, one-unit retail building (K1) on 6301 8th Avenue and one other property on December 11, 2020.

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