Sam Strulovitch pays $3M to Diem Lam in Bedford Stuyvesant

Sam Strulovitch through the entity 117san LLC paid $3 million to Diem Lam through the entity 117 Sanford LLC for the industrial building (G9) at 117 Sandford Street in Bedford Stuyvesant, Brooklyn.
On the lot, there is one active major alteration construction project for a 12,265 square-foot building. The project was submitted by Aryeh Mendlowic with plans filed March 15, 2023 and it has not been permitted yet.
The deal closed on October 20, 2023 and was recorded on November 8, 2023. The property has 5,400 square feet of built space for a total buildable of 5,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $555 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 May 19, 2006, for $630,000. The signatory for Diem Lam was Diem Lam. The signatory for Sam Strulovitch was Sam Strulovitch. The contract date was October 20, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sam Strulovitch had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Diem Lam had not purchased any other properties and had not sold any properties over the same time period. The 5,400-square-foot property generated revenue of $116,661 or $22 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Bedford Stuyvesant has 5,400 square feet of built space for a total buildable of 5,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 54 feet and is 100 feet deep with a total lot size of 5,400 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 $679,000.

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.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has 3.2 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Bedford Stuyvesant has 3 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 26 commercial properties representing 19,429 square feet of the 375,402 square feet. The largest owner is Price Stone, followed by Moses Mizrahi.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 375,402 square feet of built space are industrial buildings, with retail buildings next occupying 10 percent of the space.

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