Joel Landau pays $9M to Sidney Blank Realty for industrial in Gravesend

Joel Landau through the entity 2593 West 13th Street LLC paid $9 million to Sidney Blank Realty through the entity Town Hall Realties for industrial building (E1) at 2593 West 13th Street in Gravesend, Brooklyn.
The deal closed on March 9, 2023 and was recorded on March 10, 2023. The property has 32,500 square feet of built space and 2,828 square feet of additional air rights for a total buildable of 35,350 square feet according to PincusCo analysis of city data. The sale price per built square foot is $276 and the price per buildable square foot is $254 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 Sidney Blank Realty was Howard Adams. The signatory for Joel Landau was Joel Landau.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Joel Landau with partners purchased a $44 million addition treatment facility and has no record it sold any properties over the past 24 months.
The seller Sidney Blank Realty had not purchased any other properties and sold one properties in one transactions for a total of $1.4 million over the same time period. The 32,500-square-foot property generated revenue of $612,965 or $19 per square foot, according to the most recent income and expense figures.

The property

The 2593 West 13th Street parcel has frontage of 40 feet and is 75 feet deep with a total lot size of 35,350 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 $2.9 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 received one DOB violation 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 Gravesend, the bulk, or 39 percent of the 18.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has near average sales volume among other neighborhoods with $351.9 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, Gravesend has 1.3 times the average amount of major developments relative to other neighborhoods and is the 13th 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 7 percent of the neighborhood’s built space. There was one 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 one of the five commercial properties representing zero square feet of the 81,261 square feet. The identified owner is NYCT.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 81,261 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Joel Landau owned at least five commercial properties in New York City with 95,772 square feet and a city-determined market value of $41.1 million. (Market value is typically about 50% of actual value.) The portfolio has $26.5 million in debt, borrowed from Metropolitan Commercial Bank. Within the portfolio, the bulk, or 83 percent of the 95,772 square feet of built space are specialty properties, with walkup properties next occupying 17 percent of the space. The bulk, or 89 percent of the built space, is in Queens, with Brooklyn next at 11 percent of the space.

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