Goose Property Management pays $4M for building in Bedford Stuyvesant

Goose Property Management through the entity Walworth Office Bk LLC paid $4 million to Abraham Grunhut through the entity Walworth Street Properties 2 LLC for the building (E1) at 96 Walworth Street in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on December 5, 2024 and was recorded on December 16, 2024. The property has 4,930 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $806 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 March 25, 2021, for $925,000. The signatory for Abraham Grunhut was Samantha Taillard. The signatory for Goose Property Management was Yitzchok Katz. The contract date was July 8, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Goose Property Management purchased six properties in four transactions for a total of $61.7 million and has no record it sold any properties over the past 24 months.
The seller Abraham Grunhut had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Bedford Stuyvesant has 4,930 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet.

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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 9th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.5 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 28 commercial properties representing 32,500 square feet of the 80,040 square feet. The largest owner is Meir Stern, followed by Tobias Strulovitch and then Morris Meisels.
On the tax block, there was one new building construction project filed totaling 7,498 square feet. It is a three-unit, 7,498 square-foot residential (R-2) building submitted by Shloma Stuhl with plans filed November 30, 2023 and it has not been permitted yet.

The majority, or 40 percent of the 80,040 square feet of built space are industrial buildings, with mixed-use buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Abraham Grunhut owned at least 44 commercial properties with 399 residential units in New York City with 317,791 square feet and a city-determined market value of $56.4 million. (Market value is typically about 50% of actual value.) The portfolio has $88.3 million in debt, with top three lenders as KeyBank, Goldman Sachs, and Signature Bank respectively. Within the portfolio, the bulk, or 73 percent of the 317,791 square feet of built space are walkup properties, with elevator properties next occupying 18 percent of the space. The bulk, or 87 percent of the built space, is in Brooklyn, with Bronx next at 11 percent of the space.

The buyer

The PincusCo database currently indicates that Goose Property Management owned at least seven commercial properties with 322 residential units in New York City with 126,627 square feet and a city-determined market value of $18.8 million. (Market value is typically about 50% of actual value.) The portfolio has $165.3 million in debt, with top three lenders as H.I.G. Capital, Affinius Capital, and S3 Capital respectively. Within the portfolio, the bulk, or 53 percent of the 126,627 square feet of built space are industrial properties, with office properties next occupying 41 percent of the space. They are all located in Brooklyn.

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