Nochum Goldshmid pays $8M for industrial in East New York

Nochum Goldshmid through the entity 400 Dewitt Avenue LLC paid $8 million to the entity 400 Dewitt, LLC for the industrial building (E1) at 386 De Witt Avenue in East New York, Brooklyn. The expected use is cash flowing.
The deal closed on December 19, 2024 and was recorded on January 8, 2025. The property has 27,500 square feet of built space and 7,269 square feet of additional air rights for a total buildable of 34,615 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $292 and the price per buildable square foot is $232 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 Nancy Rosenthal was Nancy Rosenthal. The signatory for Nochum Goldshmid was Nochum Goldshmid. The contract date was August 28, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nochum Goldshmid had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nancy Rosenthal had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in East New York has 27,500 square feet of built space and 7,269 square feet of additional air rights for a total buildable of 34,615 square feet according to a PincusCo analysis of city data. The parcel has frontage of 147 feet and is 156 feet deep with a total lot size of 34,615 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 $2.6 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 received three 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 East New York, The bulk, or 40 percent of the 44.6 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has near average sales volume among other neighborhoods with $282 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, East New York is the 9th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 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

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

The majority, or 100 percent of the 56,437 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

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