Leviathan Capital pays $2.9M for retail in Brownsville

Leviathan Capital through the entity 217 Jams LLC paid $2.9 million to Karen Sugerman Snyder through the entity Rule Realty Corp for retail building (K1) at 455 Dumont Avenue in Brownsville, Brooklyn.
The deal closed on December 1, 2022 and was recorded on December 20, 2022. The property has 10,000 square feet of built space for a total buildable of 10,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $292 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 Karen Sugerman Snyder was Karen Sugerman Snyder. The signatory for Leviathan Capital was Ilan Cohen.

The property

The 455 Dumont Avenue parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 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 $847,000.

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 received $1,200 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 $5 million on this tax lot.

The neighborhood

In Brownsville, the bulk, or 46 percent of the 28.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has the 39th highest sale turnover among other neighborhoods in Brooklyn with $74.3 million in sales volume in the last two years. For development, Brownsville has had very little major development activity relative to other neighborhoods.It had 888,613 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 84,271 square feet of the 145,755 square feet. The identified owner is New York City Housing Authority.
On the tax block, there were two new building construction projects totaling 18,202 square feet. The largest is a nine-unit, 11,675-square-foot R-2 building developed by Monsur Rahman with plans filed September 8, 2022 and it has not been permitted yet.The second largest is a nine-unit, 6,527-square-foot R-2 building developed by Christina Hansen with plans filed May 7, 2020 and it has not been permitted yet.

The majority, or 58 percent of the 145,755 square feet of built space are elevator buildings, with retail buildings next occupying 15 percent of the space.

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