Global Wood Distributors pays $9.2M for industrial in Sunset Park

Global Wood Distributors through the entity 4425 1st Avenue LLC paid $9.2 million to Anthony Gallina of T. & O. Management Corporation for the industrial building (E1) at 4419-4429 1st Avenue in Sunset Park, Brooklyn.
The deal closed on March 30, 2023 and was recorded on April 11, 2023. The property has 15,000 square feet of built space and 15,000 square feet of additional air rights for a total buildable of 30,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $613 and the price per buildable square foot is $306 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.)
Global Wood Distributors is an importer and distributor of wood and related supplies.

Prior sales and revenue

The 15,000-square-foot property generated revenue of $243,312 or $16 per square foot, according to the most recent income and expense figures.

The property

The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.3 million.

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 Sunset Park, The bulk, or 30 percent of the 34 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Sunset Park has 1.3 times the average sales volume among other neighborhoods with $437.7 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods. It had 867,032 square feet of commercial and multi-family construction under development in the last two years, which represents 3 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 six of the 24 commercial properties representing 141,060 square feet of the 528,428 square feet. The largest owner is Jimmy Sidiropoulus, followed by Ky. Tien Luu and then Lieber Chocolate & Food Products.
On the tax block, there was one new building construction project filed totaling 14,950 square feet. It is a 14,950 square-foot industrial (F-2) building submitted by Jim Sidiropoulos with plans filed December 23, 2021 and it has not been permitted yet.

The majority, or 100 percent of the 528,428 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

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