Tavros Holdings pays $13.5M to Atkins & Breskin for building, $6M for air rights, in Gowanus
Tavros Holdings paid a total of $19.5 million to Atkins & Breskin in two transactions, composed of a $13.5 million purchase of a building and a $6 million purchase of air rights on a single tax block in Gowanus, Brooklyn.
In the building transfer, Tavros Holdings through the entity Gowanus Douglass Street LLC paid $13.5 million to Atkins & Breskin through the entity 239 Nevins Street LLC for industrial building at 239 Nevins Street in Gowanus, Brooklyn.
The deal closed on December 21, 2021 and was recorded on January 10, 2022.
The property has 10,000 square feet of built space and 10,000 square feet of additional air rights for a total buildable of 20,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,347 and the price per buildable square foot is $673 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 October 30, 2017, for $10 million.
The signatory for Atkins & Breskin was Jerry Atkins. The signatory for Tavros Holdings was Nicholas Silvers.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $1,000,000.
There has been one demolition project filed for the parcels over the past five years. One of the projects were to change the building from a COM to a S-2.
Atkins & Breskin is a real estate investment company.
In Gowanus, the majority, or 38 percent of the 11.5 million square feet of built space are industrial buildings, with 1-4 family buildings next occupying 17 percent of the space. In sales, Gowanus has had very little sales volume relative to neighborhoods in the city with $205.4 million in sales volume in the last two years. For development, Gowanus is the 10th most active neighborhood in the city. It had 4.1 million square feet of commercial construction under development in the last two years, which represents 35 percent of the neighborhood’s built space.
On the tax block, the majority, or 58 percent of the 118,884 square feet of built space are industrial buildings, with office buildings next occupying 42 percent of the space.
Within a 400-foot radius of 239 Nevins Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on November 16, 2021 for a 227,760-square-foot R-2 building with 261 residential units at 251 Douglass Street.
One of those five items was a sale which Tavros Capital bought the 0-square-foot development site (V1) on BUTLER Street and two other properties for $22.5 million from James Stanco on April 21, 2020.
Of those five items, two were loans above $5 million totaling $29.2 million. The most recent of the two was Tavros Capital which borrowed $12.2 million from Citibank secured by the 0-square-foot development site (V1) on BUTLER Street and two other properties on April 21, 2020.
Direct link to Acris document. link
In the air rights transfer, Tavros Holdings through the entity Gowanus Douglass Street LLC paid $6 million to Atkins & Breskin through the entity 233 Nevins Street LLC. 233 Nevins is a condominium building, which transferred air rights to Tavros.
The deal closed on December 21, 2021 and was recorded on January 10, 2022.
Direct link to Acris document. link
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