Rachel Broker pays $8.9M for industrial in Canarsie

Rachel Broker through the entity Hatov 558 LLC paid $8.9 million to Daniel Group’s Throop LLC for the industrial building at 8801 Foster Avenue in Canarsie, Brooklyn.
The deal closed on June 8, 2022 and was recorded on June 27, 2022. The property has 35,250 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $253 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 29, 2021, for $6.7 million.

Prior sales and revenue

The 35,250-square-foot property generated revenue of $450,000 or $13 per square foot, according to the most recent income and expense figures.

The property

The 8801 Foster Avenue parcel has frontage of 208 feet and is 258 feet deep with a total lot size of 30,967 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 $2.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $50 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 $5 million on this tax lot.

The neighborhood

In Canarsie, the majority, or 63 percent of the 37.5 million square feet of commercial built space are 1-4 family buildings, with specialty buildings next occupying 13 percent of the space. In sales, Canarsie has had very little sales volume relative to other neighborhoods with $154.4 million in sales volume in the last two years. For development, Canarsie has had very little major development activity relative to other neighborhoods.It had 55,850 square feet of commercial and multi-family construction under development in the last two years, which represents 0.15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 57,141 square feet of the 80,947 square feet. The two identified owners are Life Quality Auto Repairs, Inc. and Daniel Group. There are no active new building construction projects on this tax block.

the majority, or 51 percent of the 80,947 square feet of built space are industrial buildings, with office buildings next occupying 27 percent of the space.

Surrounding

Within a 400-foot radius of 8801 Foster Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Life Quality Auto Repairs, Inc. bought the 0-square-foot industrial (G7) on 926 Remsen Avenue and one other property for $8 million from Maggies Paratransit Corp. on October 21, 2021.

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