Leon Kraus, Mendel Goldberger pay $5.2M to Lifespire for specialty in Sunset Park
Leon Kraus and Mendel Goldberger through the entity 213 48th Street LLC paid $5.2 million to Lifespire through the entity Association For C.R.M.D., Inc. for midblock specialty building at 213 48th Street in Sunset Park, Brooklyn.
The deal closed on February 17, 2022 and was recorded on March 4, 2022.The property has 14,000 square feet of built space and 14,023 square feet of additional air rights for a total buildable of 28,046 square feet according to PincusCo analysis of city data. The sale price per built square foot is $371 and the price per buildable square foot is $185 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 Lifespire was Thomas Lydon. The signatory for Leon Kraus and Mendel Goldberger was Leon Kraus. Lifespire is a nonprofit which according to its website, seek to, “champion and support people who have intellectual/developmental disabilities.”
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Leon Kraus had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lifespire had not purchased any other properties and had not sold any properties over the same time period.
The property
The 213 48th Street parcel has frontage of 140 feet and is 100 feet deep with a total lot size of 14,023 square feet. The zoning is M1-2D which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $1.7 million.
Violations and lawsuits
The property was not involved in any lawsuits or bankruptcies in the past years. 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 Sunset Park, the bulk, or 28 percent of the 49.6 million square feet of built space are 1-4 family buildings, with industrial buildings next occupying 21 percent of the space. In sales, Sunset Park has 1.8 times the average sales volume among other neighborhoods with $500.6 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 751,643 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 22 commercial properties representing 33,212 square feet of the 169,055 square feet. The two identified owners are Yoel Gruber and Yasser M. Shaaban. There are no active new building construction projects on this tax block.
the majority, or 81 percent of the 173,055 square feet of built space are industrial buildings, with specialty buildings next occupying 8 percent of the space.
Surrounding
Within a 400-foot radius of 213 48th Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Yoel Gruber bought the 25,500-square-foot, one-unit industrial (E1) on 266 47th Street for $12 million from Hindy Klein Sobel on June 11, 2021.
One of those two items was a loan which Yoel Gruber borrowed $9.5 million from Empire State Certified Development Corporation secured by the 25,500-square-foot, one-unit industrial (E1) on 266 47th Street on June 11, 2021.
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