GTJ REIT pays $13.4M to Gary Schefren for industrial in East New York, 4 years after contract

GTJ REIT through the entity GWL 625 Wortman LLC paid $13.38 million to Gary Schefren through the entity Grmr Realty LLC for industrial (E1) at 625 Wortman Avenue in East New York, Brooklyn.
The deal closed on October 26, 2021 and was recorded on November 12, 2021.
The property has 58,000 square feet of built space and 11,900 square feet of additional air rights for a total buildable of 70,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $230 and the price per buildable square foot is $191 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 August 13, 2014, for $5.2 million.
The signatory for Gary Schefren was Gary Schefren. The signatory for GTJ REIT was Paul Cooper.

The contract date was May 25, 2017, but the seller did not close. GTJ filed suit to force specific performance, and the court supported that plea.

Within a 400-foot radius of 625 Wortman Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $99.5 million. The most recent of the three was Verman Bedessee which borrowed $7.5 million from Dime Community Bank secured by the 42,500-square-foot, two-unit industrial (E1) on 601 Wortman Avenue on April 1, 2021.

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