Jack Husney pays $2.4M for mixed-use in Sheepshead Bay

Jack Husney through the entity 1414 Avenue P Realty LLC paid $2.4 million to Solomon Grinberg through the entity 1414 Avenue P Associates, LLC for the five-unit office building (O8) at 1414 Avenue P in Sheepshead Bay, Brooklyn.
The deal closed on September 27, 2024 and was recorded on October 10, 2024. The property has 4,300 square feet of built space and 1,080 square feet of additional air rights for a total buildable of 5,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $546 and the price per buildable square foot is $435 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 Solomon Grinberg was Lawrence Greenberg. The signatory for Jack Husney was Jack Husney. The contract date was May 24, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jack Husney had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Solomon Grinberg had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building with 5 residential units in Sheepshead Bay has 4,300 square feet of built space and 1,080 square feet of additional air rights for a total buildable of 5,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $723,000.

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 received $600 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 Sheepshead Bay, The bulk, or 43 percent of the 26.6 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 2.1 times the average sales volume among other neighborhoods with $536.2 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 846,385 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. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 13 commercial properties representing 238,868 square feet of the 313,085 square feet. The largest owner is Midland Loan Services, followed by Bennett A. Medoff and then Bldg Management.
On the tax block, there was one new building construction project filed totaling 15,992 square feet. It is a 16-unit, 15,992 square-foot residential (R-2) building submitted by Chiu Wong with plans filed August 7, 2017 and permitted January 23, 2023.

The majority, or 77 percent of the 313,085 square feet of built space are office buildings, with mixed-use buildings next occupying 14 percent of the space.

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