MJ Auto Collision pays $2.5M to Simon Busano for industrial in Brownsville

MJ Auto Collision through the entity MJ Auto Collision Corp. paid $2.5 million to Simon Busano through the entity Junius Street Realty LLC for the industrial building (G2) at 238 Junius Street in Brownsville, Brooklyn.
The deal closed on January 19, 2023 and was recorded on January 26, 2023. The property has 7,483 square feet of built space and 7,483 square feet of additional air rights for a total buildable of 14,966 square feet according to PincusCo analysis of city data. The sale price per built square foot is $334 and the price per buildable square foot is $167 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 October 19, 2007, for $700,000. The signatory for Simon Busano was Simon Busano. The signatory for MJ Auto Collision was Jose Miranda. Simon Busano is or was the owner of Simtech Auto Repair.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer MJ Auto Collision had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Simon Busano had not purchased any other properties and had not sold any properties over the same time period. The 7,483-square-foot property generated revenue of $126,687 or $17 per square foot, according to the most recent income and expense figures.

The property

The 238 Junius Street parcel has frontage of 74 feet and is 100 feet deep with a total lot size of 7,483 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $585,000.

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 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 had very little sales volume relative to other neighborhoods with $95 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 839,042 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

There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 73,625 square feet of built space are industrial buildings, with specialty buildings next occupying 17 percent of the space.

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