SBH Community Service Network pays $3.2M for mixed-use in Gravesend
SBH Community Service Network, also known as Sephardic Bikur Holim, paid $3.2 million to James Haddad through the entity 1963 McDonald Owner LLC for mixed-use building (K2) at 1963 McDonald Avenue in Gravesend, Brooklyn.
The deal closed on February 28, 2023 and was recorded on March 14, 2023. The property has 13,617 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $236 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 March 19, 2019, for $3.2 million. The signatory for James Haddad was James Haddad. The signatory for SBH Community Service Network was David Beyda. The contract date was March 11, 2020. SBH is also known as Sephardic Bikur Holim. David Beyda is president.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer SBH Community Service Network had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller James Haddad had not purchased any other properties and had not sold any properties over the same time period. The 13,617-square-foot property generated revenue of $490,715 or $36 per square foot, according to the most recent income and expense figures.
The property
The 1963 McDonald Avenue parcel has frontage of 42 feet and is 125 feet deep with a total lot size of 5,250 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 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 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 $5 million on this tax lot.
The neighborhood
In Gravesend, the bulk, or 39 percent of the 18.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has near average sales volume among other neighborhoods with $362.1 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, Gravesend has 1.3 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the 23 commercial properties representing 6,814 square feet of the 143,343 square feet. The identified owner is Jeff Sutton.
On the tax block, there were two new building construction projects totaling 16,518 square feet. The largest is a N/A-unit, 10,717-square-foot B building developed by Simon Leviov with plans filed December 17, 2019 and it has not been permitted yet.The second largest is a one-unit, 5,801-square-foot R-3 building developed by Alferd Esses with plans filed November 16, 2018 and permitted March 17, 2020.
The majority, or 48 percent of the 143,343 square feet of built space are mixed-use buildings, with industrial buildings next occupying 19 percent of the space.
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