Howard Blady pays $7.6M for industrial in East Flatbush

Howard Blady through the entity 808e94 LLC paid $7.6 million to New Associates, LLC through the entity New Associates, LLC for corner industrial building at 808 East 94th Street in East Flatbush, Brooklyn.
The deal closed on March 16, 2022 and was recorded on March 23, 2022. The property has 26,000 square feet of built space for a total buildable of 26,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $292 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 New Associates, LLC was Gerald Spiegelman. The signatory for Howard Blady was Howard Blady. Howard Blady is the owner of Klearview Appliance.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Howard Blady had purchased any other properties and has no record it sold any properties over the past 24 months.
The 26,000-square-foot property generated revenue of $393,536 or $15 per square foot, according to the most recent income and expense figures.

The property

The 808 East 94th Street parcel has frontage of 113 feet and is 200 feet deep with a total lot size of 26,000 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.6 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $150 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 $5 million on this tax lot.

The neighborhood

In East Flatbush, the bulk, or 42 percent of the 78.9 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $177.2 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 million 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

There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 98,311 square feet of built space are industrial buildings, with mixed-use buildings next occupying 25 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 808 East 94th Street that occurred over the past 24 months.

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