Eli Hoffman of City Builders, partners pay $2.9M for industrial in Bath Beach

Simon Hoffman, Jonathan Hoffman, and Eli Hoffman of City Builders through the entity 1810 Cropsey Ave LLC paid $2.9 million to Elizabeth Shin through the entity Cropsey Golden Court, LLC for the industrial building (E1) at 1810 Cropsey Avenue in Bath Beach, Brooklyn.
The deal closed on September 17, 2025 and was recorded on October 2, 2025. The property has 4,680 square feet of built space and 5,068 square feet of additional air rights for a total buildable of 9,747 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $608 and the price per buildable square foot is $292 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 November 8, 2010, for $550,000. The signatory for Elizabeth Shin was Elizabeth Shin. The signatory for Simon Hoffman, Jonathan Hoffman, and Eli Hoffman was Simon Hoffman. The contract date was July 28, 2020. Eli Hoffman is president of City Builders.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Simon Hoffman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Elizabeth Shin had not purchased any other properties and had not sold any properties over the same time period. The 4,680-square-foot property generated revenue of $117,796 or $25 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Bath Beach has 4,680 square feet of built space and 5,068 square feet of additional air rights for a total buildable of 9,747 square feet according to a PincusCo analysis of city data. The parcel has frontage of 82 feet and is 94 feet deep with a total lot size of 7,798 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $782,000.

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 Bath Beach, The bulk, or 36 percent of the 5.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, Bath Beach has the 40th highest sale turnover among other neighborhoods in Brooklyn with $57.1 million in sales volume in the last two years. For development, Bath Beach has had very little major development activity relative to other neighborhoods.It had 73,270 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 96,643 square feet of built space are walkup buildings, with mixed-use buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Elizabeth Shin owned at least one commercial property in New York City with 1,800 square feet and a city-determined market value of $366,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Queens.

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