Plumbing supplier pays $2.3M to Mount Sinai for industrial in East Flatbush

Utica Avenue Plumbing Supply through the entity 1368 Utica Avenue Realty, LLC paid $2.3 million to Mount Sinai through the entity Beth Israel Medical Center for the industrial building (E1) at 1368 Utica Avenue in East Flatbush, Brooklyn.
The deal closed on April 12, 2024 and was recorded on April 22, 2024. The property has 4,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $575 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 Mount Sinai was Stephen Harvey. The signatory for Utica Avenue Plumbing Supply was Joshua E. Brandner. The contract date was February 14, 2024. At Utica Avenue Plumbing Supply, Brandner is CEO.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Utica Avenue Plumbing Supply had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mount Sinai had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in East Flatbush has 4,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 3,999 square feet. 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 $396,000.

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 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 East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.2 times the average sales volume among other neighborhoods with $334.9 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, East Flatbush has 1.6 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 24 commercial properties representing 15,558 square feet of the 76,644 square feet. The largest owner is United Developers, followed by Moshe Koplowitz and then Larisa Klein.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 76,644 square feet of built space are industrial buildings, with office buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Mount Sinai owned at least two commercial properties in New York City with 3,319,505 square feet and a city-determined market value of $1.3 billion. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are specialty properties. They are all located in Manhattan.

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