Home Health Care Services pays $4.2M to nonprofit for likely dev site in Sheepshead Bay

Home Health Care Services of NY through the entity 1966 C LLC paid $4.2 million to the National Society for Hebrew Day Schools for industrial building (G8) at 1966 Coney Island Avenue in Sheepshead Bay, Brooklyn. This is the long-time home to 5 Star Liquor. The property is a likely development site considering the sale price per foot.
The deal closed on August 29, 2022 and was recorded on September 13, 2022. The property has 4,500 square feet of built space and 15,500 square feet of additional air rights for a total buildable of 20,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $933 and the price per buildable square foot is $210 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 February 12, 2010, for $2.7 million. The signatory for National Society for Hebrew Day Schools was Zvi Bloom. The signatory for Home Health Care Services of NY was Victor Shemia.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Home Health Care Services of NY had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller National Society for Hebrew Day Schools had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1966 Coney Island Avenue parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $652,000.

Violations and lawsuits

The property was involved in one court filing and zero bankruptcies over the past two years. The court filing was a $4.2 million judgment concerning a leave to sell filed on July 27, 2022, by the National Society for Hebrew Day Schools, with Jeff Shemia as the anticipated buyer. 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 $5 million on this tax lot.

The neighborhood

In Sheepshead Bay, the bulk, or 43 percent of the 25.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has near average sales volume among other neighborhoods with $293.5 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 726,072 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.

The block

On this tax block, PincusCo has identified the owners of one of the 21 commercial properties representing 4,960 square feet of the 77,604 square feet. The identified owner is BRUCE SUPPLY CORP. of PAUL POLLACK.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 77,604 square feet of built space are mixed-use buildings, with industrial buildings next occupying 16 percent of the space.

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