NYC School Construction Authority pays $27M to Allied Properties in Bay Ridge

The New York City School Construction Authority paid $27 million to Allied Properties for a retail and a commercial building in Bay Ridge, in two separate transactions.

In the first, the New York City School Construction Authority through the entity New York City School Construction Authority paid $21.0 million to Allied Properties through the entity 8802 LLC for retail building (K7) at 8802 5th Avenue in Bay Ridge, Brooklyn.
The deal closed on August 6, 2021 and was recorded on August 16, 2021.
The property has 13,835 square feet of built space and 29,456 square feet of additional air rights for a total buildable of 43,318 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,517 and the price per buildable square foot is $484 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 owner bought the property on 6-Aug-21, for $21 million.
The signatory for Allied Properties was Efthimisios Zisimopoulos also known as Tim Ziss. The signatory for New York City School Construction Authority was Steven W Lawitts.

Within a 400-foot radius of 8802 5th Avenue, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on November 20, 2019 for a 38,185-square-foot E building at 8902 5th Avenue.
Of those four items, three were loans above $5 million totaling $37.6 million. The most recent of the three was Michael J Marino Jr. which borrowed $11.8 million from Knighthead Funding secured by the 5,236-square-foot, 10-unit office building (O5) on 8904 5th Avenue on March 19, 2020.

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In the second, New York City School Construction Authority through the entity New York School Construction Authority paid $6.0 million to Allied Properties through the entity 429 89 LLC for industrial (G2) at 429 89th Street in Bay Ridge, Brooklyn.
The deal closed on August 6, 2021 and was recorded on August 16, 2021.
The property has 10,000 square feet of built space and 10,000 square feet of additional air rights for a total buildable of 20,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $600 and the price per buildable square foot is $300 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 owner bought the property on 6-Aug-21, for $6.0 million.
The signatory for Allied Properties was Efthimisios Zisimopoulos also known as Tim Ziss. The signatory for New York City School Construction Authority was Steven W Lawitts.
(321319694) Plans for a 0-unit, 49,153 square-foot E were filed on March 11, 2016.
Within a 400-foot radius of 429 89th Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on November 20, 2019 for a 38,185-square-foot E building at 8902 5th Avenue.
Of those three items, two were loans above $5 million totaling $24.1 million. The most recent of the two was Michael J Marino Jr. which borrowed $11.8 million from Knighthead Funding secured by the 5,236-square-foot, 10-unit office building (O5) on 8904 5th Avenue on March 19, 2020.

Direct link to Acris document. link