Podolskys pay $4.8M to Dennis Ross for mixed-use in Sunset Park
David Podolsky and Abraham Podolsky through the entity Fourth Sunset LLC paid $4.8 million to Dennis Ross through the entity S. & B. 4th Avenue Realty Corp. for the mixed-use building (K4) at 5119 4th Avenue in Sunset Park, Brooklyn.
The deal closed on May 25, 2023 and was recorded on June 7, 2023. The property has 15,000 square feet of built space and 4,999 square feet of additional air rights for a total buildable of 19,996 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $316 and the price per buildable square foot is $237 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 Dennis Ross was Dennis Ross. The signatory for David Podolsky and Abraham Podolsky was Abraham Podolsky.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer David Podolsky purchased one property in one transaction for a total of $10.4 million and sold one property in one transaction for a total of $5.3 million over the past 24 months.
The seller Dennis Ross had not purchased any other properties and had not sold any properties over the same time period. The 15,000-square-foot property generated revenue of $260,747 or $17 per square foot, according to the most recent income and expense figures.
The property
The mixed-use building in Sunset Park has 15,000 square feet of built space and 4,999 square feet of additional air rights for a total buildable of 19,996 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 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 $1,225 in OATH penalties 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 Sunset Park, The bulk, or 30 percent of the 34 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Sunset Park has 1.2 times the average sales volume among other neighborhoods with $411.7 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 761,244 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of five of the 23 commercial properties representing 27,905 square feet of the 153,864 square feet. The largest owner is Li Lan Liao, followed by Hoi Ming Ho #A and then Fairstead.
There are no active new building construction projects on this tax block.
The majority, or 37 percent of the 153,864 square feet of built space are walkup buildings, with mixed-use buildings next occupying 30 percent of the space.
The buyer
The PincusCo database currently indicates that David Podolsky owned at least one commercial property in New York City with 10,000 square feet and a city-determined market value of $4.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.
Direct link to Acris document. link