Isaac Hager pays $32.5M to Meadow Partners for office in Crown Heights

Isaac Hager through the entity 1000 Dean St Owner LLC paid $32.5 million to Meadow Partners and LIVWRK through the entity 1000 Dean Owner LLC for the office condominium unit at 1000 Dean Street in Crown Heights, Brooklyn. The property is divided into three condo units, the largest is the office unit which just sold. Two smaller retail units sold in 2021 for $6 million for a food hall use.
The office deal closed on November 16, 2023 and was recorded on November 28, 2023. The property has 132,224 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $245 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 Meadow Partners and LIVWRK was Jeffrey Kaplan, managing partner of Meadow Partners. The signatory for Isaac Hager was Shiya Labin. The contract date was February 2, 2023. The brokers were David Schechtman and Lipa Lieberman of Meridian Capital Group.

Prior sales and revenue

Prior to this transaction, PincusCo has records that a year ago the buyer Isaac Hager along with Daryl Hagler paid $42.4 million for a development site at 960 Franklin Avenue. At about the same time, Madison Realty Capital acquired a development site from Isaac Hager through a bankruptcy process.
The seller Meadow Partners purchased 21 properties in 16 transactions for a total of $747.6 million and sold seven properties in five transactions for a total of $146.6 million over the same time period.

The property

The office condo in Crown Heights has 132,224 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 132,224 square feet. The city-designated market value for the property in 2022 is $18.9 million.

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 Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 1.6 times the average sales volume among other neighborhoods with $550.3 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Crown Heights has 3.1 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 21 commercial properties representing 106,682 square feet of the 302,714 square feet. The largest owner is Watermark Capital Group, followed by MHANY Management and then Chaim Simkowitz.
There are no active new building construction projects on this tax block.

The majority, or 34 percent of the 302,714 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Meadow Partners owned at least 36 commercial properties with 426 residential units in New York City with 1,969,169 square feet and a city-determined market value of $450.2 million. (Market value is typically about 50% of actual value.) The portfolio has $657.3 million in debt, with top three lenders as Fortress Investment Group, Deutsche Pfandbriefbank, and Apollo Global Management respectively. Within the portfolio, the bulk, or 61 percent of the 1,969,169 square feet of built space are office properties, with elevator properties next occupying 15 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.

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