Ehrlicha Kinder pays $4.1M for walkups in Dyker Heights next to Satmar school project

Ehrlicha Kinder paid $4.1 million to Rocco Mesiti for the three-unit building (C0) at 1362 62nd Street and the two-unit building (B2) at 1366 62nd Street in Dyker Heights, Brooklyn. The property is adjacent to a Mosdos Satmar BP school development site.
The deal closed on June 27, 2024 and was recorded on July 24, 2024. The two properties have 2,920 square feet of built space and 5,178 square feet of additional air rights for a total buildable of 8,098 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,404 and the price per buildable square foot is $506 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 Rocco Mesiti was Rocco Mesiti. The signatory for Ehrlicha Kinder was Shnayer Zakmen Klein. The contract date was June 27, 2024.

Prior sales and revenue

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

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 block

On the tax block of 1362 62nd Street, PincusCo has identified the owners of three of the 12 commercial properties representing 9,356 square feet of the 44,815 square feet. The identified owner is Mosdos Satmar.
On the tax block, there were two new building construction projects totaling 85,685 square feet. The largest is a 77,623 square-foot educational (E) building submitted by Brian Lefkowitz with plans filed October 11, 2016 and permitted December 20, 2023. The second largest is a six-unit, 8,062 square-foot residential (R-2) building submitted by Tracy Mccormick with plans filed March 21, 2022 and permitted September 29, 2022.

The majority, or 46 percent of the 44,815 square feet of built space are walkup buildings, with specialty buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Rocco Mesiti owned at least one commercial property in New York City with 4,038 square feet and a city-determined market value of $499,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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