Jacob Brauner pays $28M to Harold Abrams for industrial in Canarsie

Jacob Brauner through the entity Adar Ym Holdings LLC paid $28 million to Harold Abrams through the entity Remsen Realty Associates LLC for the industrial building (E2) at 909 Remsen Avenue in Canarsie, Brooklyn.
The deal closed on June 8, 2023 and was recorded on June 15, 2023. The property has 85,000 square feet of built space and 10,450 square feet of additional air rights for a total buildable of 95,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $329 and the price per buildable square foot is $294 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 Harold Abrams was Harold Abrams. The signatory for Jacob Brauner was Jacob Brauner.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jacob Brauner had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Harold Abrams had not purchased any other properties and had not sold any properties over the same time period. The 85,000-square-foot property generated revenue of $814,997 or $10 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Canarsie has 85,000 square feet of built space and 10,450 square feet of additional air rights for a total buildable of 95,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 282 feet and is 335 feet deep with a total lot size of 95,000 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 $7.5 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 five DOB 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 Canarsie, The bulk, or 28 percent of the 11.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 25 percent of the space. In sales, Canarsie has the 43rd highest sale turnover among other neighborhoods in Brooklyn with $60.8 million in sales volume in the last two years. For development, Canarsie has had very little major development activity relative to other neighborhoods.It had 128,684 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 14 commercial properties representing 7,560 square feet of the 135,104 square feet. The largest owner is Joseph Antoine, followed by Consolidated Edison and then Agostino Vona.
There are no active new building construction projects on this tax block.

The majority, or 92 percent of the 135,104 square feet of built space are industrial buildings, with mixed-use buildings next occupying 5 percent of the space.

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