Nashville’s Ironside Realty pays $10.2M for office in Bensonhurst

Nashville-based Ironside Realty through the entity IR Brooklyn NY, LLC paid $10.2 million to Palestra Properties through the entity Brooklyn 86th, LLC for the office building (O7) at 1435 86th Street in Bensonhurst, Brooklyn. The expected use is cash flowing.
The deal closed on April 18, 2025 and was recorded on May 1, 2025. The property has 11,290 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $905 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 December 11, 2017, for $8.2 million. The signatory for Palestra Properties was Vincent D. Curran Jr. . The signatory for Ironside Realty was Laith Hermiz . The property filing package does not include the contract date because it’s missing the document RP-5217NYC.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ironside Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Palestra Properties had not purchased any other properties and had not sold any properties over the same time period. The 11,290-square-foot property generated revenue of $992,855 or $88 per square foot, according to the most recent income and expense figures.

The property

The office building in Bensonhurst has 11,290 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 100 feet deep with a total lot size of 12,000 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $8.2 million.

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 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 $1 million on this tax lot.

The neighborhood

In Bensonhurst, The bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has near average sales volume among other neighborhoods with $306.3 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 373,227 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.

The block

On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing 4,910 square feet of the 51,389 square feet. The identified owner is Huifeng Cen Feng.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 51,389 square feet of built space are retail buildings, with office buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Palestra Properties owned at least one commercial property in New York City with 12,780 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) The portfolio has $23.4 million in debt, borrowed from KeyBank. The portfolio consists of at least a single retail property. It is located in Queens.

Direct link to Acris document. link