Meadow Partners pays $17.2M to Workable City Development for industrial in Clinton Hill

Meadow Partners through the entity 8-10 Grand Avenue Owner LLC paid $17.2 million to Workable City Development through the entity Workable Grand LLC for industrial (F1) at 10 Grand Avenue in Clinton Hill, Brooklyn and industrial (E9) at 8 Grand Avenue in Clinton Hill, Brooklyn.
The deal closed on October 26, 2021 and was recorded on November 15, 2021.
The two properties have 73,685 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $234 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 Workable City Development was Adam Heller. The signatory for Meadow Partners was Jeffrey Kaplan.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4.2 million. Those filings sought to increase the number of residential units by 39 to 39. One of the projects were to change the building from a B-1 to a R-2and change the number of residential units from 0 to 39.
Within a 400-foot radius of 8 Grand Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were sales above $5 million totaling $385.7 million. The most recent of the three was Sarah Gelb and Getzel Gelb which bought the 18,350-square-foot, two-unit industrial (E9) on 15 Grand Avenue for $8.6 million from Nader Brooklyn Property LLC on June 10, 2021.
Of those six items, three were loans above $5 million totaling $87.6 million. The most recent of the three was Sarah Gelb and Getzel Gelb which borrowed $8.1 million from Cross River Bank secured by the 2,208-square-foot, two-unit industrial (E9) on 15 Grand Avenue and two other properties on June 10, 2021.

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