Solomon Schwimmer pays $5.6M for 34-unit dev site in Gowanus

Solomon Schwimmer through the entity Sackett Heights LLC paid $5.6 million to Anthony J. Dimaso through the entity Abatemarco Realty Corporation for industrial building (G2) at 558 Sackett Street in Gowanus, Brooklyn.
The deal closed on November 8, 2022 and was recorded on November 10, 2022.
The signatory for Anthony J. Dimaso was Anthony J. Dimaso. The signatory for Solomon Schwimmer was Abe Lipschitz.

On the lot, there is one active new building construction project for a 34-unit, 22,953 square-foot R-2 building. The project was developed by Abe Lipton with plans filed May 4, 2022 and it has not been permitted yet.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Solomon Schwimmer had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The 558 Sackett Street parcel has frontage of 64 feet and is 100 feet deep with a total lot size of 6,400 square feet.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The neighborhood

In Gowanus, the bulk, or 47 percent of the 9.3 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has 1.4 times the average sales volume among other neighborhoods with $484.3 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Gowanus is the 8th most active neighborhood among other neighborhoods. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 50 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 16 commercial properties representing 33,420 square feet of the 90,503 square feet. The identified owner is Tavros Capital.
On the tax block, there were two new building construction projects totaling 189,990 square feet. The largest is a 214-unit, 167,036-square-foot R-2 building developed by Dov Barnett with plans filed November 16, 2021 and it has not been permitted yet. The second largest is a 34-unit, 22,953-square-foot R-2 building developed by Abe Lipton with plans filed May 4, 2022 and it has not been permitted yet.

The majority, or 70 percent of the 90,503 square feet of built space are industrial buildings, with walkup buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Solomon Schwimmer owned at least 30 commercial properties in New York City with 315,050 square feet and a city-determined market value of $52.9 million. (Market value is typically about 50% of actual value.) The portfolio has $139.9 million in debt, with top three lenders as Valley National Bank, Sabal Capital Partners, and Parke Bank respectively. Within the portfolio, the bulk, or 51 percent of the 315,050 square feet of built space are walkup properties, with elevator properties next occupying 49 percent of the space. The bulk, or 94 percent of the built space, is in Brooklyn, with Bronx next at 6 percent of the space.

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