Solomon Feder pays $7.2M for ground lease at former supermarket in Red Hook

Solomon Feder through the entity Columbia Sf LLC paid $7.2 million to Quality Capital through the entity Bh Ruth Red Hook LLC for a ground lease that secures a retail building at 498-516 Columbia Street in Red Hook, Brooklyn.
The deal closed on January 21, 2022 and was recorded on February 4, 2022.

Quality Capital acquired the ground lease in 2019. Solomon Feder both owns and develops properties. PincusCo identified 11 additional properties with Solomon Feder as an owner or officer with a total of 164,000 square feet and 172 residential units.

The property has 60,740 square feet of built space and 182,000 square feet of additional air rights for a total buildable of 243,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $119 and the price per buildable square foot is $29 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 Quality Capital was Dov Tratner. The signatory for Solomon Feder was Solomon Feder.
Prior to this transaction, the buyer Solomon Feder had not purchased any other properties and sold one property in one transaction for a total of $17.8 million over the past 24 months.
The seller Quality Capital had not purchased any other properties and sold one properties in one transactions for a total of $4.8 million over the same time period.

This is the sale and assignment of a ground lease. This was previously a Food Bazaar Fine Fare location.  Shimson Klugman owns Quality Capital aka Quality Capital Management or Quality Capital USA.

In Red Hook, the bulk, or 43 percent of the 10.2 million square feet of built space are industrial buildings, with residential elevator buildings next occupying 25 percent of the space. In sales, Red Hook has 1.5 times the average sales volume among other neighborhoods with $405.2 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Red Hook has 4.1 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 37 percent of the neighborhood’s built space.
On the tax block, all properties are retail.

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