Shmuel Schochet pays $11.5M for retail in Bedford Stuyvesant

UPDATED: Shmuel Schochet through the entity Cfs 800 LLC paid $11.5 million to Israel Elbogen through the entity Broadway 800, LLC for the retail building (O5) at 800-812 Broadway in Bedford Stuyvesant, Brooklyn.
The deal closed on January 30, 2024 and was recorded on February 8, 2024. The property has 28,286 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $406 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 2, 2016, for $5.2 million. The signatory for Israel Elbogen was Israel Elbogen. The signatory for Shmuel Schochet was Shmuel Schochet. The contract date was November 7, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shmuel Schochet had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Israel Elbogen had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Bedford Stuyvesant has 28,286 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 115 feet and is 49 feet deep with a total lot size of 5,735 square feet. The lot is irregular. The zoning is C4-4L which allows for up to nan times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.8 million.

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 one DOB violation and $985 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 2, 2021. 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 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 3.9 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bedford Stuyvesant has 2.9 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 2.9 million 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 owners of two of the seven commercial properties representing 39,050 square feet of the 95,742 square feet. The two identified owners are GD Capital Group and Albert Srour.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 95,742 square feet of built space are office buildings, with retail buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Israel Elbogen owned at least one commercial property in New York City with 9,606 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt. The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

Correction: In a prior version of this post, Shmuel Schochet’s name was misspelled as Shmuel Shochet.

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