BWH Group pays $2.8M for likely dev site in Sheepshead Bay
BWH Group through the entity 2510 Cia LLC paid $2.8 million to Glenn L. Gubner through the entity 2510/18 C.I.A. L.L.C. for the industrial building (GU) at 2510 Coney Island Avenue in Sheepshead Bay, Brooklyn. The built sale price per foot of $1,866 indicates it is likely a development site.
The deal closed on June 3, 2024 and was recorded on June 5, 2024. The property has 1,500 square feet of built space and 6,721 square feet of additional air rights for a total buildable of 8,264 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,866 and the price per buildable square foot is $338 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 June 29, 2006, for $2.1 million. The signatory for Glenn L. Gubner was Glenn L. Gubner. The signatory for BWH Group was Daniel Grinshteyn. The contract date was May 14, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer BWH Group purchased four properties in three transactions for a total of $14.8 million and has no record it sold any properties over the past 24 months.
The seller Glenn L. Gubner had not purchased any other properties and had not sold any properties over the same time period.
The property
The industrial building in Sheepshead Bay has 1,500 square feet of built space and 6,721 square feet of additional air rights for a total buildable of 8,264 square feet according to a PincusCo analysis of city data. The parcel has frontage of 90 feet and is 120 feet deep with a total lot size of 11,019 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $926,000.
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 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 Sheepshead Bay, The bulk, or 43 percent of the 26.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.8 times the average sales volume among other neighborhoods with $481.9 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 866,827 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 one of the 22 commercial properties representing 108,000 square feet of the 163,626 square feet. The identified owner is Pinnacle Group.
There are no active new building construction projects on this tax block.
The majority, or 66 percent of the 163,626 square feet of built space are elevator buildings, with retail buildings next occupying 14 percent of the space.
The buyer
The PincusCo database currently indicates that Bwh Group owned at least four commercial properties in New York City with 5,809 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 5,809 square feet of built space are specialty properties, with retail properties next occupying 35 percent of the space. They are all located in Brooklyn.
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