Maier Jankovits pays $11.2M to AWH Partners for dev site in Brooklyn Heights

Maier Jankovits through the entity 88 Schermerhorn Holdings LLC paid $11.2 million to AWH Partners through the entity 88 Schermerhorn Hotel, LLC for the development site at 88 Schermerhorn Street in Brooklyn Heights, Brooklyn.

Mendel Schwimmer filed new building plans for a 58-unit, 41,291-square-foot residential (R-2) building on May 13, 2022 that has not been permitted yet.

The sale closed on July 26, 2022 and was recorded on August 10, 2022. The property has 10,570 square feet of built space and 22,764 square feet of additional air rights for a total buildable of 33,330 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $337 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 seller bought the property on July 31, 2019, for $13.6 million. The signatory for AWH Partners was Chad Cooley and Russell Flicker. The signatory for Maier Jankovits was Maier Jankovits.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Maier Jankovits purchased one property in one transaction for a total of $1.5 million and has no record it sold any properties over the past 24 months.
The seller AWH Partners had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Yoel Goldman, head officer and David Friedman, agent. The business entity is 88 Schermerhorn Llc.

The property

The 88 Schermerhorn Street parcel has frontage of 33 feet and is 100 feet deep with a total lot size of 3,333 square feet. The lot is irregular. The zoning is C5-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.9 million.

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 one DOB violation, $11,000 in ECB penalties, and $11,350 in OATH penalties in the last year.

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 80,331 square feet. The largest is a new building project for a 23-unit, 39,040-square-foot R-2 building developed by Barbara Resnicow with plans filed May 22, 2015 and it has not been permitted yet. The second largest is a new building project for a 58-unit, 41,291-square-foot R-2 building developed by Mendel Schwimmer with plans filed May 13, 2022 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 81,132 square feet of the 420,607 square feet. The two identified owners are AWH Partners and Lonicera Partners.
There are three active new building construction projects totaling 148,868 square feet. The largest is a 59-unit, 68,537-square-foot R-2 building developed by John Evans with plans filed August 10, 2017 and permitted August 9, 2018.

The majority, or 75 percent of the 418,502 square feet of built space are elevator buildings, with walkup buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Maier Jankovits owned at least two commercial properties in New York City with 12,615 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 12,615 square feet of built space are elevator properties, with walkup properties next occupying 26 percent of the space. They are all located in Brooklyn.

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