Tegern Capital pays $4.2M for dev site in Carroll Gardens

Tegern Capital through the entity 415 Smith Propco LLC paid $4.2 million to the Uchitel family’s Marchelo Smith LLC for the industrial building (G1) at 415-419 Smith Street in Carroll Gardens, Brooklyn. The property was marketed as a development site.
The deal closed on December 4, 2024 and was recorded on January 8, 2025. The property has 5,670 square feet of built space and 6,930 square feet of additional air rights for a total buildable of 12,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $749 and the price per buildable square foot is $337 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 the Uchitel family was Victoria Uchitel. The signatory for Tegern Capital was Lev Zaks. The contract date was August 14, 2024.
Traded NY reported the buyer was Tegern Capital, led by Jason Anderson and Maximilian J. Seitz. A Matthews Real Estate Investment Services of DJ Johnston, Bobby Lawrence and Brock Emmetsberger brokered the sale.

The property

The industrial building in Carroll Gardens has 5,670 square feet of built space and 6,930 square feet of additional air rights for a total buildable of 12,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 63 feet and is 106 feet deep with a total lot size of 6,300 square feet. The lot is irregular. The zoning is M1-4/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $525,000.

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 received $2,500 in ECB penalties and $2,500 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 Carroll Gardens, The bulk, or 44 percent of the 3.6 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 33 percent of the space. In sales, Carroll Gardens has 1.7 times the average sales volume among other neighborhoods with $431.5 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Carroll Gardens has had very little major development activity relative to other neighborhoods.It had 136,066 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 10,200 square feet of the 58,377 square feet. The two identified owners are Two Trees Management and Yoel Hershkowitch.
On the tax block, there were two new building construction projects totaling 13,074 square feet. The largest is a six-unit, 8,675 square-foot residential (R-2) building submitted by Michael Gendin and filed by Michael Gendin with plans filed December 2, 2024 and it has not been permitted yet. The second largest is a three-unit, 4,399 square-foot residential (R-2) building submitted by Michael Gendin and filed by Michael Gendin with plans filed October 23, 2024 and it has not been permitted yet.

The majority, or 55 percent of the 58,377 square feet of built space are industrial buildings, with mixed-use buildings next occupying 23 percent of the space.

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