Moshe Ehrlicht pays $3M for industrial in Kensington

Moshe Ehrlicht through the entity 560 Yd LLC paid $3 million to Oshri Shalmoni through the entity Shalmoni Realty Inc. for the industrial building (G1) at 552 McDonald Avenue in Kensington, Brooklyn.
The deal closed on January 18, 2023 and was recorded on February 15, 2023. The property has 1,950 square feet of built space and 11,342 square feet of additional air rights for a total buildable of 13,250 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,535 and the price per buildable square foot is $226 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 Oshri Shalmoni was Oshri Shalmoni. The signatory for Moshe Ehrlicht was Moshe Ehrlicht.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Moshe Ehrlicht had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Oshri Shalmoni had not purchased any other properties and had not sold any properties over the same time period.

The property

The 552 McConald Avenue parcel has frontage of 189 feet and is 100 feet deep with a total lot size of 10,600 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $675,000.

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 Kensington, the bulk, or 44 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, Kensington has had very little sales volume relative to other neighborhoods with $94.1 million in sales volume in the last two years. For development, Kensington has had very little major development activity relative to other neighborhoods.It had 191,387 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 32 commercial properties representing 4,896 square feet of the 120,672 square feet. The identified owner is Abdullah Fusen.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 120,672 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.

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