John Palumbo pays $9.2M to Judy Meair for mixed-use in Gravesend

John Palumbo through the entity 2301 Stillwell LLC paid $9.2 million to Judy Meair through the entity Mirav Realty, Inc for mixed-use building (K4) at 2 Avenue W in Gravesend, Brooklyn.
The deal closed on September 13, 2022 and was recorded on September 20, 2022. The property has 25,920 square feet of built space and 16,626 square feet of additional air rights for a total buildable of 42,415 square feet according to PincusCo analysis of city data. The sale price per built square foot is $353 and the price per buildable square foot is $216 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 Judy Meair was Judy Meair. The signatory for John Palumbo was Michael A. Coscio. Judy Meair is the widow of Herzel Meair.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer John Palumbo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Judy Meair had not purchased any other properties and had not sold any properties over the same time period. The 25,920-square-foot property generated revenue of $1.2 million or $45 per square foot, according to the most recent income and expense figures.

The property

The 2 Avenue W parcel has frontage of 260 feet and is 149 feet deep with a total lot size of 33,932 square feet. The lot is irregular. 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 $5.5 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.

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 had very little sales volume relative to other neighborhoods with $245.3 million in sales volume in the last two years. For development, Gravesend has 1.3 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 32,275 square feet of built space are mixed-use buildings, with retail buildings next occupying 3 percent of the space.

The buyer

The PincusCo database currently indicates that John Palumbo owned at least one commercial property in New York City with 2,880 square feet and a city-determined market value of $544,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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