Levi Hirschfeld pays $2.1M for industrial in Canarsie

Levi Hirschfeld through the entity 844 E94 LLC paid $2.1 million to Gerald Spiegelman through the entity New Associates LLC for the industrial building (F5) at 844 East 94th Street in Canarsie, Brooklyn.
The deal closed on July 27, 2022 and was recorded on August 16, 2022. The property has 7,920 square feet of built space and 330 square feet of additional air rights for a total buildable of 8,274 square feet according to PincusCo analysis of city data. The sale price per built square foot is $265 and the price per buildable square foot is $253 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 Gerald Spiegelman was Gerald Spiegelman. The signatory for Levi Hirschfeld was Levi Hirschfeld.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Levi Hirschfeld had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gerald Spiegelman had not purchased any other properties and had not sold any properties over the same time period. The 7,920-square-foot property generated revenue of $119,877 or $15 per square foot, according to the most recent income and expense figures.

The property

The 844 East 94th Street parcel has frontage of 61 feet and is 134 feet deep with a total lot size of 8,274 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 $428,000.

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 Canarsie, the bulk, or 28 percent of the 11.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 25 percent of the space. In sales, Canarsie has had very little sales volume relative to other neighborhoods with $88 million in sales volume in the last two years. For development, Canarsie has had very little major development activity relative to other neighborhoods.It had 54,437 square feet of commercial and multi-family construction under development in the last two years, which represents 0.46 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 11 commercial properties representing 26,000 square feet of the 98,311 square feet. The two identified owners are Howard Blady and LIRR.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 98,311 square feet of built space are industrial buildings, with mixed-use buildings next occupying 25 percent of the space.

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