Kaplon-Belo Affiliates pays $3.2M for industrial in Bushwick

Kaplon-Belo Affiliates through the entity Kkrk LLC paid $3.2 million to Dennis Goldberg, Jodi Goldberg, and Lori Brofsky through the entity 388-400 Jefferson Street, LLC for the industrial building (F5) at 388 Jefferson Street in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on September 11, 2024 and was recorded on September 16, 2024. The property has 7,500 square feet of built space and 5,000 square feet of additional air rights for a total buildable of 12,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $433 and the price per buildable square foot is $260 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 Dennis Goldberg, Jodi Goldberg, and Lori Brofsky was Dennis Goldberg, Jodi Goldberg, and Lori Brofsky. The signatory for Kaplon-Belo Affiliates was Richard Kaplon. The contract date was February 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kaplon-Belo Affiliates had purchased any other properties and sold eight properties in one transaction for a total of $5.6 million over the past 24 months.
The seller Dennis Goldberg had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Bushwick has 7,500 square feet of built space and 5,000 square feet of additional air rights for a total buildable of 12,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,500 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 $905,000.

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 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 $1 million on this tax lot.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2.2 times the average sales volume among other neighborhoods with $579 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 822,038 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 20 commercial properties representing 22,000 square feet of the 175,210 square feet. The identified owner is Mann Group.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 175,210 square feet of built space are industrial buildings, with retail buildings next occupying 19 percent of the space.

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