Elie Mizrahi pays $3.4M to Sidney Blank estate for school building in Gravesend

Elie Mizrahi, Solomon Mizrahi, and Victor Mizrahi through the entity 2559miz LLC paid $3.4 million to the estate of Sidney Blank through the entity Town Hall Realties for the specialty building (W3) recently used as an adult day care at 2559 West 13th Street in Gravesend, Brooklyn.
The deal closed on March 28, 2024 and was recorded on April 16, 2024. The property has 6,570 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $517 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 the estate of Sidney Blank was Howard Adams. The signatory for Elie Mizrahi, Solomon Mizrahi, and Victor Mizrahi was Elie Mizrahi. The contract date was October 5, 2023. Howard Adams is the executor for the estate of Sidney Blank. Blank died some time between July 2020 and July 2021, according to court records.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Elie Mizrahi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sidney Blank had not purchased any other properties and sold three properties in three transactions for a total of $13 million over the same time period.

The property

The specialty building in Gravesend has 6,570 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 127 feet and is 37 feet deep with a total lot size of 4,698 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $979,000.

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 Gravesend, The bulk, or 40 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has 1.6 times the average sales volume among other neighborhoods with $434.7 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, Gravesend has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

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

The majority, or 77 percent of the 28,570 square feet of built space are industrial buildings, with specialty buildings next occupying 23 percent of the space.

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