Eugene Weiss pays $4.8M for two mixed-use properties in Dyker Heights

Eugene Weiss through the entity 1224 60th St Realty LLC paid $4.8 million to Joel Ackerman through the entity 1224 60th Street LLC for the mixed-use building (K4) at 1230 60th Street and the four-unit mixed-use building (S4) at 1224 60th Street in Dyker Heights, Brooklyn.
The deal closed on May 30, 2024 and was recorded on June 18, 2024. The two properties have 4,940 square feet of built space and 1,719 square feet of additional air rights for a total buildable of 5,999 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $981 and the price per buildable square foot is $808 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.)

Prior sales and revenue

The former owner according to the Department of Housing Preservation and Development is Joel Ackerman, head officer. The business entity is 1224 60th Street Llc.

The property

The parcel has two buildings with frontage of 40 feet and is 100 feet deep with a total lot size of 3,999 square feet. 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 $480,000.
The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. 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 $225,000.

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 received seven DOB 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 Dyker Heights, The bulk, or 30 percent of the 7.1 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 26 percent of the space. In sales, Dyker Heights has had very little sales volume relative to other neighborhoods with $143.6 million in sales volume in the last two years. For development, Dyker Heights has had very little major development activity relative to other neighborhoods. It had 534,957 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 1224 60th Street, PincusCo has identified the owners of four of the 13 commercial properties representing 215,695 square feet of the 242,331 square feet. The two identified owners are D. Coluccio & Sons and Skyline Developers.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 242,331 square feet of built space are mixed-use buildings, with industrial buildings next occupying 5 percent of the space.

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