Shrem, Lincer pay $11.6M to Wolfe, Dayan for industrial in Gravesend

Joseph Shrem and Morris Lincer through the entity 2004 Owners Realty LLC paid $11.6 million to Isaac Wolfe and Seymour Dayan through the entity Re Acquisitions Ny LLC for the industrial building (F9) at 2004 Mcdonald Avenue in Gravesend, Brooklyn. The expected use is cash flowing.
The deal closed on September 18, 2024 and was recorded on September 26, 2024. The property has 24,300 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $477 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 November 24, 2021, for $8.6 million. The signatory for Isaac Wolfe and Seymour Dayan was Isaac Wolfe. The signatory for Joseph Shrem and Morris Lincer was Morris Lincer. The contract date was May 10, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Shrem had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Isaac Wolfe purchased one properties in one transaction for a total of $2 million and had not sold any properties over the same time period. The 24,300-square-foot property generated revenue of $216,469 or $9 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Gravesend has 24,300 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 163 feet and is 75 feet deep with a total lot size of 12,000 square feet. The lot is irregular. 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 $1.2 million. The most recent loan totaled $7.8 million and was provided by Truist Bank on May 31, 2022.

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 $200 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 Gravesend, The bulk, or 40 percent of the 19.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has 1.6 times the average sales volume among other neighborhoods with $428 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Gravesend has 1.2 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Brooklyn. It had 1.4 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 three of the 11 commercial properties representing 40,935 square feet of the 102,091 square feet. The largest owner is Jack Israel, followed by Isaac E. Wolfe and then Owen D. Wolff.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 102,091 square feet of built space are industrial buildings, with retail buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Joseph Shrem owned at least one commercial property in New York City with 15,195 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.
The PincusCo database currently indicates that Morris Lincer owned at least one commercial property in New York City with 15,195 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from Truist Bank. The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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