Mosdos Satmar BP pays $4.3M to Arthur Meisels for three properties in Dyker Heights

Mosdos Satmar BP paid $4.3 million to Arthur Meisels through the entity 6202-14th Ave LLC for the industrial building (E1) at 6202 14th Avenue in Dyker Heights, Brooklyn, specialty building (Z9) at 6210 14th Avenue in Dyker Heights, Brooklyn, and specialty building (Z9) at 1370 62nd Street in Dyker Heights, Brooklyn.
The deal closed on August 11, 2022 and was recorded on August 18, 2022. The three properties have 9,356 square feet of built space and 7,300 square feet of additional air rights for a total buildable of 16,700 square feet according to PincusCo analysis of city data. The sale price per built square foot is $462 and the price per buildable square foot is $259 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 Arthur Meisels was Arthur Meisels. The signatory for Mosdos Satmar BP was Nathan Schwartz.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 6202 14th Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Mosdos Satmar BP had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Arthur Meisels had not purchased any other properties and had not sold any properties over the same time period.

The property

The 6202 14th Avenue parcel has frontage of 80 feet and is 120 feet deep with a total lot size of 10,000 square feet. The lot is irregular. 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 $809,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $1,300 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 77,623-square-foot school (E) building. The project was developed by Brian Lefkowitz with plans filed October 11, 2016 and it has not been permitted yet.

The neighborhood

In Dyker Heights, the bulk, or 30 percent of the 7.1 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 26 percent of the space. In sales, Dyker Heights has had very little sales volume relative to other neighborhoods with $92.3 million in sales volume in the last two years. For development, Dyker Heights has had very little major development activity relative to other neighborhoods.It had 420,095 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

There are three active new building construction projects totaling 93,696 square feet. The largest is a 77,623-square-foot E building developed by Brian Lefkowitz with plans filed October 11, 2016 and it has not been permitted yet. The second largest is a six-unit, 10,750-square-foot R-2 building developed by Tracy McCormick with plans filed March 21, 2022 and it has not been permitted yet.

The majority, or 46 percent of the 44,815 square feet of built space are walkup buildings, with specialty buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Arthur Meisels owned at least one commercial property in New York City with 20,000 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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