James Juliano pays $10.2M to Lande Alexander for industrial in Red Hook

James Juliano through the entity 202 Van Dyke Street Realty, LLC paid $10.2 million to Lande Alexander through the entity M-Kids, LP for the industrial building (E1) at 202-204 Van Dyke Street in Red Hook, Brooklyn.
The deal closed on June 27, 2022 and was recorded on July 18, 2022. The property has 36,000 square feet of built space and 363 square feet of additional air rights for a total buildable of 36,320 square feet according to PincusCo analysis of city data. The sale price per built square foot is $284 and the price per buildable square foot is $281 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 Lande Alexander was Brian Robbins. The signatory for James Juliano was James Juliano. Brian Robbins is the owner of Lande Alexander.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer James Juliano purchased two properties in two transactions for a total of $24.6 million and has no record it sold any properties over the past 24 months.
The seller Lande Alexander had not purchased any other properties and had not sold any properties over the same time period. The 36,000-square-foot property generated revenue of $685,874 or $19 per square foot, according to the most recent income and expense figures.

The property

The 202-204 Van Dyke Street parcel has frontage of 139 feet and is 200 feet deep with a total lot size of 36,320 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 $3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Red Hook, the bulk, or 49 percent of the 9 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 28 percent of the space. In sales, Red Hook has 2.3 times the average sales volume among other neighborhoods with $750.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Red Hook has 1.3 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 31,821 square feet of the 96,621 square feet. The identified owner is 162 Van Dyke LLC. There are no active new building construction projects on this tax block.

All properties are industrial.

The buyer

The PincusCo database currently indicates that James Juliano owned at least three commercial properties in New York City with 42,175 square feet and a city-determined market value of $5.4 million. (Market value is typically about 50% of actual value.) The portfolio has $16.2 million in debt, borrowed from M&T Bank. Within the portfolio, the bulk, or 74 percent of the 42,175 square feet of built space are office properties, with industrial properties next occupying 14 percent of the space. The bulk, or 88 percent of the built space, is in Queens, with Brooklyn next at 12 percent of the space.

Direct link to Acris document. link