John V. Polsinelli Jr. pays $5.7M for industrial in East New York

John V. Polsinelli Jr. through the entity 900 Shepherd LLC paid $5.7 million to Harvey Wank through the entity 900-908 Shepherd Avenue LLC for the industrial building (E1) at 900-908 Shepherd Avenue in East New York, Brooklyn.
The deal closed on November 29, 2022 and was recorded on December 6, 2022. The property has 13,700 square feet of built space and 2,240 square feet of additional air rights for a total buildable of 16,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $414 and the price per buildable square foot is $355 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 Harvey Wank was Harvey Wank. The signatory for John V. Polsinelli Jr. was John V. Polsinelli Jr..

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer John V. Polsinelli Jr. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Harvey Wank had not purchased any other properties and had not sold any properties over the same time period. The 13,700-square-foot property generated revenue of $160,511 or $12 per square foot, according to the most recent income and expense figures.

The property

The 900-908 Shepherd Avenue parcel has frontage of 80 feet and is 200 feet deep with a total lot size of 16,000 square feet. 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 $851,000.

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 East New York, the bulk, or 40 percent of the 44.6 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 2.4 times the average sales volume among other neighborhoods with $836.6 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, East New York has 3.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 3.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 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

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

The majority, or 98 percent of the 92,750 square feet of built space are industrial buildings, with specialty buildings next occupying 2 percent of the space.

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