DIB Management pays $19.9M to Gabriel Gopin for industrial in Sunset Park

DIB Management through the entity Hinsdale Commercial Property LLC paid $19.9 million to Gabriel Gopin through the entity Deitsch Realty Corp for the industrial building (E1) at 5714 1st Avenue in Sunset Park, Brooklyn.
The deal closed on June 14, 2022 and was recorded on June 29, 2022. The property has 90,080 square feet of built space and 21,822 square feet of additional air rights for a total buildable of 111,910 square feet according to PincusCo analysis of city data. The sale price per built square foot is $220 and the price per buildable square foot is $177 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 Gabriel Gopin was Gabriel Gopin. The signatory for DIB Management was Roland Dib. Gabriel Gopin is president of Deitsch Realty, according to a LinkedIn account.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer DIB Management had purchased any other properties and sold two properties in one transactions for a total of $5.3 million over the past 24 months.
The seller Gabriel Gopin had not purchased any other properties and had not sold any properties over the same time period.

The property

The 5714 1st Avenue parcel has frontage of 155 feet and is 361 feet deep with a total lot size of 55,955 square feet. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $4.2 million.

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 received $1,905 in ECB penalties and $1,904 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 Sunset Park, the bulk, or 28 percent of the 49.6 million square feet of commercial built space are 1-4 family buildings, with industrial buildings next occupying 21 percent of the space. In sales, Sunset Park has 1.8 times the average sales volume among other neighborhoods with $500.6 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 751,643 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 100 percent of the 255,580 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 5714 1st Avenue that occurred over the past 24 months.

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