Lang Realty pays $2.45M for mixed-use properties in Crown Heights

Shmuel Lang’s Lang Realty paid $2.45 million to Lisa Binns for adjacent mixed-use properties, 239 and 241 Kingston Avenue in Crown Heights, Brooklyn, in two separate transactions.

In the first, Lang Realty through the entity 239 Kingston LLC paid $1.2 million to Lisa Binns through the entity Binns Properties LLC for the four-unit mixed-use building (S4) at 239 Kingston Avenue in Crown Heights, Brooklyn.
The deal closed on January 31, 2024 and was recorded on February 9, 2024. The property has 3,072 square feet of built space and 449 square feet of additional air rights for a total buildable of 3,521 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $398 and the price per buildable square foot is $347 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.)

In the second, Lang Realty through the entity 241 Kingston LLC paid $1.2 million to Lisa Binns through the entity Binns Properties LLC for the four-unit mixed-use building (S4) at 241 Kingston Avenue in Crown Heights, Brooklyn. The deal closed on January 31, 2024 and was recorded on February 9, 2024. The property has 3,129 square feet of built space and 456 square feet of additional air rights for a total buildable of 3,581 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $391 and the price per buildable square foot is $342 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 Lisa Binns was Kieron Gooden. The signatory for Lang Realty was Shmuel Lang. The contract date was November 13, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lang Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lisa Binns had not purchased any other properties and had not sold any properties over the same time period. The 3,072-square-foot property generated revenue of $70,226 or $23 per square foot, according to the most recent income and expense figures.

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 received five DOB violations, 12 housing violations, and $105 in OATH penalties 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 Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 1.8 times the average sales volume among other neighborhoods with $535.3 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Crown Heights has 2.4 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 21 commercial properties representing 123,042 square feet of the 164,954 square feet. The largest owner is Zalmen Horowitz, followed by Yolanda Marin and then Theresa Harris Smith.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 164,954 square feet of built space are walkup buildings, with elevator buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Lisa Binns owned at least one commercial property with four residential units in New York City with 3,129 square feet and a city-determined market value of $659,000. (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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