Schneur Minsky pays $5.4M to Renaissance Realty for retail in Columbia Waterfront

Schneur Minsky through the entity 770 Hamilton LLC paid $5.4 million to Renaissance Realty Group through the entity 113 Hamilton Avenue LLC for the retail building (K5) at 113 Hamilton Avenue in Columbia Waterfront, Brooklyn.
The deal closed on March 31, 2023 and was recorded on April 19, 2023. The property has 5,519 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $978 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 Renaissance Realty Group was attorney Nicholas Kordas. The signatory for Schneur Minsky was Schneur Minsky. David Chemtob is a prior signatory on a loan for the seller entity.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Schneur Minsky had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Renaissance Realty Group purchased two properties in one transaction for a total of $3.4 million and sold five properties in two transactions for a total of $35.9 million over the same time period. The 5,519-square-foot property generated revenue of $65,953 or $12 per square foot, according to the most recent income and expense figures.

The property

The retail building in Columbia Waterfront has 5,519 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 143 feet and is 100 feet deep with a total lot size of 5,125 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 $364,000.

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

For the tax lot building, it received its initial certificate of occupancy on March 7, 2022. 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 Columbia Waterfront, The bulk, or 39 percent of the 919,529 square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 25 percent of the space. In sales, Columbia Waterfront has the 39th highest sale turnover among other neighborhoods in Brooklyn with $78.4 million in sales volume in the last two years. For development, Columbia Waterfront has had very little major development activity relative to other neighborhoods.It had 41,632 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 5,519 square feet on the block. The identified owner is Renaissance Realty Group.
There are no active new building construction projects on this tax block.

All properties are retail.

The seller

The PincusCo database currently indicates that Renaissance Realty Group owned at least 66 commercial properties with 948 residential units in New York City with 1,116,655 square feet. The portfolio has $95.5 million in debt of $5 million and up recorded in the past three years, with top three lenders as Greystone & Co., Kearny Bank, and Webster Bank respectively. Within the portfolio, the bulk, or 51 percent of the 1,116,655 square feet of built space are walkup properties, with elevator properties next occupying 27 percent of the space. The bulk, or 70 percent of the built space, is in Brooklyn, with Manhattan next at 21 percent of the space.

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