Fillmore Real Estate sells long-time HQ in Sheepshead Bay for $6.9M to children’s disability nonprofit
2990 Avenue U (Credit - Google)
The Lakewood and Brooklyn-based Special Children’s Center paid $6.9 million to the Rheinhardt family that owns the Brooklyn brokerage Fillmore Real Estate, through the entity A.R. Connelly, Inc. for the office building (O7) at 2990 Avenue U in Sheepshead Bay, Brooklyn. The building is the long-time home to the Fillmore Real Estate headquarters. Fillmore is an independent brokerage that was established in 1966.
The deal closed on June 1, 2022 and was recorded on July 6, 2022. The property has 13,458 square feet of built space and 1,600 square feet of additional air rights for a total buildable of 15,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $512 and the price per buildable square foot is $460 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 property
The 2986-2990 Avenue U parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 20,000 square feet. 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 $2.3 million.
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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 Sheepshead Bay, the majority, or 56 percent of the 36 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 15 percent of the space. In sales, Sheepshead Bay has had very little sales volume relative to other neighborhoods with $259.4 million in sales volume in the last two years. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 756,417 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
The block
There are no active new building construction projects on this tax block.
The majority, or 71 percent of the 18,860 square feet of built space are office buildings, with mixed-use buildings next occupying 29 percent of the space.
Surrounding
PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 2986 Avenue U that occurred over the past 24 months.
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