Jack Israel pays $2.4M for retail in Sheepshead Bay

Jack Israel through the entity 2950 Ave X Property LLC paid $2.4 million to Howard Blady through the entity Ave X 2950 Inc. for the retail building (K1) at 2950 Avenue X in Sheepshead Bay, Brooklyn. The expected use is cash flowing.
The deal closed on March 12, 2026 and was recorded on March 18, 2026. The property has 3,945 square feet of built space and 8,600 square feet of additional air rights for a total buildable of 12,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $602 and the price per buildable square foot is $190 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 Howard Blady was Howard Blady. The signatory for Jack Israel was Jack Israel. The contract date was August 1, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Jack Israel purchased two properties in two transactions for a total of $9.6 million and has no record it sold any properties over the past 24 months.
The seller Howard Blady had not purchased any other properties and had not sold any properties over the same time period. The 3,945-square-foot property generated revenue of $152,310 or $39 per square foot, according to the most recent income and expense figures.

The property

The retail building in Sheepshead Bay has 3,945 square feet of built space and 8,600 square feet of additional air rights for a total buildable of 12,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $849,000.

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 1.5 times the average sales volume among other neighborhoods with $475.6 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 882,691 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 two commercial properties representing 6,260 square feet of the 10,205 square feet. The identified owner is Muhammed Ali.
There are no active new building construction projects on this tax block.

All properties are retail.

The seller

The PincusCo database currently indicates that Howard Blady owned at least one commercial property in New York City with 26,000 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Jack Israel owned at least three commercial properties with two residential units in New York City with 20,614 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 51 percent of the 20,614 square feet of built space are mixed-use properties, with retail properties next occupying 49 percent of the space. They are all located in Brooklyn.

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