Moshe Glassman pays $5.5M for industrial in Soundview

Moshe Glassman through the entity 1499 Bruckner LLC paid $5.5 million to Gadi Benhamo through the entity Bruckner 26 Corp. for the industrial building (GW) at 1499 Bruckner Boulevard in Soundview, Bronx.
The deal closed on July 31, 2023 and was recorded on August 3, 2023. The property has 2,444 square feet of built space and 32,209 square feet of additional air rights for a total buildable of 34,632 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,250 and the price per buildable square foot is $158 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 April 21, 2016, for $2 million. The signatory for Gadi Benhamo was Gadi Benhamo. The signatory for Moshe Glassman was Daniel Rabinowitz. The contract date was April 5, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Moshe Glassman had purchased any other properties and sold one property in one transaction for a total of $11.2 million over the past 24 months.
The seller Gadi Benhamo had not purchased any other properties and had not sold any properties over the same time period. The 2,444-square-foot property generated revenue of $107,610 or $44 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Soundview has 2,444 square feet of built space and 32,209 square feet of additional air rights for a total buildable of 34,632 square feet according to a PincusCo analysis of city data. The parcel has frontage of 137 feet and is 110 feet deep with a total lot size of 14,252 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $646,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received five DOB violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Soundview, The majority, or 58 percent of the 20.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Soundview has had very little sales volume relative to other neighborhoods with $253.6 million in sales volume in the last two years. For development, Soundview has 1.9 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 71,986 square feet of the 76,470 square feet. The identified owner is Simcha Applegrad.
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 76,470 square feet of built space are walkup buildings, with industrial buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that Gadi Benhamo owned at least one commercial property in New York City with 0.0 square feet and a city-determined market value of $657,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property.

The buyer

The PincusCo database currently indicates that Moshe Glassman owned at least three commercial properties with 14 residential units in New York City with 42,426 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) The portfolio has $58.2 million in debt, borrowed from M&T Bank and TD Bank. Within the portfolio, the bulk, or 54 percent of the 42,426 square feet of built space are industrial properties, with N2 properties next occupying 28 percent of the space. They are all located in Queens.

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