Energy Plus NY Inc. pays $3M to BNS for industrial in Crown Heights

Energy Plus NY Inc. through the entity Mlfl LLC paid $3 million to BNS Real Estate through the entity N.Y. Atlantic Inc. for the industrial building (G1) at 65 New York Avenue in Crown Heights, Brooklyn. The expected use is owner-occupied.
The deal closed on January 6, 2025 and was recorded on January 17, 2025. The property has 11,626 square feet of built space and 744 square feet of additional air rights for a total buildable of 12,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $253 and the price per buildable square foot is $237 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 BNS Real Estate was Christopher Boyle. The signatory for Energy Plus NY Inc. was Moshe Lefkowitz. The contract date was December 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Energy Plus NY Inc. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller BNS Real Estate had not purchased any other properties and sold five properties in five transactions for a total of $31.7 million over the same time period.

The property

The industrial building in Crown Heights has 11,626 square feet of built space and 744 square feet of additional air rights for a total buildable of 12,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 62 feet and is 100 feet deep with a total lot size of 6,200 square feet. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $520,000.

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 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 2.1 times the average sales volume among other neighborhoods with $548.3 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Crown Heights has 1.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 13 commercial properties representing 61,156 square feet of the 112,932 square feet. The largest owner is Robert Gardyn, followed by Bernard Kohn and then Joseph C. Jones.
On the tax block, there was one new building construction project filed totaling 1,000 square feet. It is a 1,000 square-foot 56 building submitted by Citiscape Consulting with plans filed August 2, 2023 and it has not been permitted yet.

The majority, or 28 percent of the 112,932 square feet of built space are office buildings, with industrial buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Bns Real Estate owned at least two commercial properties with 80 residential units in New York City with 139,803 square feet and a city-determined market value of $14.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 139,803 square feet of built space are industrial properties, with elevator properties next occupying 44 percent of the space. The bulk, or 56 percent of the built space, is in Bronx, with Brooklyn next at 44 percent of the space.

The buyer

The PincusCo database currently indicates that Energy Plus Ny Inc. owned at least one commercial property in New York City with 11,626 square feet and a city-determined market value of $520,000. (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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