Raymour & Flanigan pays $20M to Jenel, Philips International, Dushey, Gindi for retail in Gravesend

Raymour & Flanigan paid $20 million to Jenel Management, Philips International and the Dushey and Gindi families and others for two tax lots in Gravesend in two transactions. The retailer had previously been a tenant in the space.

In the first, Raymour & Flanigan through the entity 3035 Cropsey Avenue, LLC paid Jenel Management, Philips International and the Dushey and Gindi families’s Am Coney Island, Inc. $18.3 million for 3035 Cropsey Avenue also known as 1505 Hart Place in Gravesend. The deal closed on June 16, 2020, and was recorded on June 22, 2020. The transaction consists of 1 parcel, including the tax class one-story store building (K1).

Raymour & Flanigan has been a tenant in the building since May 22, 2003.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $33,650.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Raymour & Flanigan through the entity 3035 Cropsey Avenue, LLC paid Philips International’s Pc Amci Ii, LLC $2.0 million for 1505 Hart Place in Gravesend. The deal closed on June 16, 2020, and was recorded on June 22, 2020. The transaction consists of 1 parcel, including the tax class one-story store building (K1). The property is 650 square feet. The parcel(s) have total development potential of 8,579 square feet.
The average sale price per square foot is $237.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link