Goose Property pays $39.7M to Dillon Realty for development properties in Boerum Hill

Goose Property Management through the entity Bergen St Equity LLC paid $39.7 million to Dillon Realty Interests through the entity Bnw3 Re-Gen, LLC for the industrial building (F2) at 268 Bergen Street in Boerum Hill, Brooklyn, office building (O1) at 287 Wyckoff Street in Boerum Hill, Brooklyn, and industrial building (G7) at 273 Wyckoff Street in Boerum Hill, Brooklyn.
The acquisition was financed with a $99.8 million loan from H.I.G. Capital’s H.I.G Realty Partners.
The deal closed on April 1, 2024 and was recorded on April 10, 2024. The three properties have 51,293 square feet of built space and 151,274 square feet of additional air rights for a total buildable of 202,768 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $774 and the price per buildable square foot is $195 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 Dillon Realty Interests was Michael Keller. The signatory for Goose Property Management was Yitzchok Katz. The contract date was July 18, 2023.
Yitzchok Katz’s buyer entity is at the same address as Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group. Traded reported the buyer as Goose Property Management, which manages property developed by Rabsky Group and the brokers as JLL’s Michael Mazzara, Brendan Maddigan, Ethan Stanton and Winfield Clifford.

The Real Deal reported according to sources that Katz’s father-in-law is Isaac Rabinowitz.

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 six DOB violations and $940 in OATH penalties 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 Boerum Hill, The bulk, or 32 percent of the 9 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 16 percent of the space. In sales, Boerum Hill has near average sales volume among other neighborhoods with $319.6 million in sales volume in the last two years and is the 24th highest in Brooklyn. For development, Boerum Hill has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On the tax block of 268 Bergen Street, PincusCo has identified the owners of three of the 14 commercial properties representing 9,114 square feet of the 81,279 square feet. The largest owner is Marc Cohen, followed by Fifth Avenue Committee and then Bill Wolf Petroleum Corp..
On the tax block, there was one new building construction project filed totaling 22,245 square feet. It is a 19-unit, 22,245 square-foot residential (R-2) building submitted by Adam Wolf with plans filed March 17, 2015 and it has not been permitted yet.

The majority, or 78 percent of the 81,279 square feet of built space are industrial buildings, with walkup buildings next occupying 11 percent of the space.

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