Shlomo Chkifati pays $2.2M for industrial in Red Hook

Shlomo Chkifati through the entity 85 Coffey Street LLC paid $2.2 million to Salvatore Sodano and Frank Civitano through the entity G & G Coffey Realty LLC for the industrial building (F5) at 85 Coffey Street in Red Hook, Brooklyn.
The deal closed on August 24, 2023 and was recorded on August 29, 2023. The property has 4,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $511 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 21, 2010, for $525,000. The signatory for Salvatore Sodano and Frank Civitano was Salvatore Sodano and Frank Civitano. The signatory for Shlomo Chkifati was Shlomo Chkifati. The contract date was August 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Shlomo Chkifati purchased seven properties in one transaction for a total of $5.2 million and has no record it sold any properties over the past 24 months.
The seller Salvatore Sodano had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Red Hook has 4,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 44 feet and is 100 feet deep with a total lot size of 4,399 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 $526,000.

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 received $1,000 in OATH penalties 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 Red Hook, The bulk, or 49 percent of the 9.4 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 30 percent of the space. In sales, Red Hook has 1.6 times the average sales volume among other neighborhoods with $591.9 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Red Hook has had very little major development activity relative to other neighborhoods.It had 413,061 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 24 commercial properties representing 18,092 square feet of the 71,267 square feet. The largest owner is Julio Cuenca, followed by Ernest Schemitsch and then Deborah Van Dyke Holdings Inc. Of O’Connell Organization.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 71,267 square feet of built space are industrial buildings, with mixed-use buildings next occupying 14 percent of the space.

The buyer

The PincusCo database currently indicates that Shlomo Chkifati owned at least eight commercial properties in New York City with 19,990 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 84 percent of the 19,990 square feet of built space are industrial properties, with specialty properties next occupying 16 percent of the space. They are all located in Brooklyn.

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