Crown Heights grocery store location sells for $6M

An unidentified buyer through the entity 328-330 Utica Ave LLC paid $6 million to Moshe Drizin through the entity Delta Ventures LLC for the retail building (K1) at 328 Utica Avenue in Crown Heights, Brooklyn. The property is occupied by a CTown Supermarket.
The deal closed on March 7, 2024 and was recorded on March 13, 2024. The property has 5,058 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,186 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 December 31, 2012, for $560,000. The signatory for Moshe Drizin was Moshe Drizin. The contract date was March 7, 2024.

Prior sales and revenue

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

The property

The retail building in Crown Heights has 5,058 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,058 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 $872,000.

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 received $50 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 $1 million on this tax lot.

The neighborhood

In Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 1.8 times the average sales volume among other neighborhoods with $528.3 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Crown Heights has 2.3 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.2 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 four of the 11 commercial properties representing 100,729 square feet of the 168,871 square feet. The largest owner is Joseph Popack, followed by David Fischer and then City Of New York.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 168,871 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Moshe Drizin owned at least six commercial properties with 1,947 residential units in New York City with 2,105,660 square feet and a city-determined market value of $113 million. (Market value is typically about 50% of actual value.) The portfolio has $8.7 million in debt, borrowed from Sterling National Bank. Within the portfolio, the bulk, or 97 percent of the 2,105,660 square feet of built space are elevator properties, with walkup properties next occupying 3 percent of the space. They are all located in Brooklyn.

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