Jack Israel pays $5.2M for retail in Gravesend

Jack Israel through the entity 470 Kings Highway LLC paid $5.2 million to the Giannopoulos family for the retail building (K4) at 470 Kings Highway in Gravesend, Brooklyn.
The deal closed on September 28, 2023 and was recorded on October 13, 2023. The property has 10,200 square feet of built space and 21,624 square feet of additional air rights for a total buildable of 31,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $507 and the price per buildable square foot is $162 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 signatories for the sellers were Nicholas Giannopoulos, Vadilios Giannopoulos, and Steven Giannopoulos. The signatory for Jack Israel was Jack Israel. The contract date was February 16, 2023.

Prior sales and revenue

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

The property

The retail building in Gravesend has 10,200 square feet of built space and 21,624 square feet of additional air rights for a total buildable of 31,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 106 feet deep with a total lot size of 7,950 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.4 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 received $100 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 Gravesend, The bulk, or 40 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has 1.2 times the average sales volume among other neighborhoods with $422.6 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, Gravesend has 1.4 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 11 commercial properties representing 30,735 square feet of the 102,091 square feet. The two identified owners are Owen D. Wolff and Isaac E. Wolfe.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 102,091 square feet of built space are industrial buildings, with retail buildings next occupying 35 percent of the space.

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