SRM Concrete pays $16M to Kings Building Material for two industrial parcels in Borough Park

SRM Concrete pays $16 million to Kings Building Material for two industrial parcels in Borough Park, Brooklyn.

In the first, SRM Concrete through the entity Hollingshead Materials, LLC paid $9.2 million to Kings Building Material through the entity 14 Cortelyou Realty Corp. for the industrial building (Z9) at 14 Cortelyou Road in Borough Park, Brooklyn. The expected use is owner-occupied.
The deal closed on January 15, 2026 and was recorded on January 22, 2026. The property has zero square feet of built space and 18,280 square feet of additional air rights for a total buildable of 18,280 square feet according to a PincusCo analysis of city data. The salef price per buildable square foot is $501 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 25, 2022, for $18.1 million.

In the second, SRM Concrete through the entity Hollingshead Materials, LLC paid $6.8 million to Kings Building Material through the entity Eretz Mcdonald Realty Corp. for the industrial building (F1) at 692 Mcdonald Avenue in Borough Park, Brooklyn. The expected use is cash flowing.
The deal closed on January 15, 2026 and was recorded on January 22, 2026. The property has 520 square feet of built space and 11,311 square feet of additional air rights for a total buildable of 11,783 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $13,146 and the price per buildable square foot is $580 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 25, 2022, for $18.1 million.

The signatory for Kings Building Material was Sonnia Torres . The signatory for SRM Concrete was Jeff Hollingshead . The contract date was January 15, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer SRM Concrete purchased two properties in two transactions for a total of $72.5 million and has no record it sold any properties over the past 24 months.
The seller Kings Building Material had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 40 feet and is 220 feet deep with a total lot size of 18,280 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 $938,000.

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 not received any significant violations 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 Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2.9 times the average sales volume among other neighborhoods with $923.5 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 11,489 square feet. It is a one-unit, 11,489 square-foot assembly (A-3) building submitted by Israel Brizel with plans filed April 28, 2015 and permitted June 15, 2017.

The majority, or 88 percent of the 49,960 square feet of built space are industrial buildings, with walkup buildings next occupying 6 percent of the space.

The buyer

The PincusCo database currently indicates that Srm Concrete owned at least two commercial properties in New York City with 25,735 square feet and a city-determined market value of $5.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. The bulk, or 63 percent of the built space, is in Queens, with Brooklyn next at 37 percent of the space.

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Direct link to Acris document. link