Rimon Gabbay pays $3.6M for industrial in East Williamsburg
Rimon Gabbay through the entity KG 5 Realty, LLC paid $3.6 million to Esther Hoffman through the entity Leh Equities LLC for the industrial building (E1) at 413-415 Vandervoort Avenue in East Williamsburg, Brooklyn.
The deal closed on March 6, 2024 and was recorded on March 21, 2024. The property has 10,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $365 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 Esther Hoffman was Esther Hoffman. The signatory for Rimon Gabbay was Rimon Gabbay. The contract date was November 30, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Rimon Gabbay had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Esther Hoffman had not purchased any other properties and had not sold any properties over the same time period.
The property
The industrial building in East Williamsburg has 10,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 107 feet deep with a total lot size of 5,146 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 $906,000.
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 Williamsburg, The majority, or 62 percent of the 17 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has near average sales volume among other neighborhoods with $298.6 million in sales volume in the last two years and is the 26th highest in Brooklyn. For development, East Williamsburg has had very little major development activity relative to other neighborhoods.It had 717,108 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 three of the seven commercial properties representing 61,100 square feet of the 104,850 square feet. The two identified owners are Stephen Lowenstein and Lian Wu Shao.
There are no active new building construction projects on this tax block.
All properties are industrial.
The buyer
The PincusCo database currently indicates that Rimon Gabbay owned at least two commercial properties in New York City with 144,348 square feet and a city-determined market value of $14.6 million. (Market value is typically about 50% of actual value.) The portfolio has $14.6 million in debt, borrowed from BankUnited. Within the portfolio, all identified are industrial properties. They are all located in Brooklyn.
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