Tobias Strulovitch pays $7.5M for two properties in Bedford Stuyvesant

Tobias Strulovitch through the entity Tal Hashmayim, LLC paid $7.5 million to Isamar Margareten through the entity 111-113 Spencer LLC for the retail building (K1) at 113 Spencer Street in Bedford Stuyvesant, Brooklyn and industrial building (E1) at 111 Spencer Street in Bedford Stuyvesant, Brooklyn.
The deal closed on July 19, 2023 and was recorded on July 26, 2023. The two properties have 10,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $750 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 Isamar Margareten was Isamar Margareten. The signatory for Tobias Strulovitch was Judah Zelmanovitz. Tobias Strulovitch is identified as managing member in loan documents.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 113 Spencer Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tobias Strulovitch had purchased any other properties and sold two properties in two transactions for a total of $7.5 million over the past 24 months.
The seller Isamar Margareten purchased four properties in three transactions for a total of $15.2 million and had not sold any properties over the same time period. The two properties with a total of 10,000 square feet of built space generated revenue of $225,532 per year or $23 per square foot. The sale price per square foot was $750.

The property

The retail building in Bedford Stuyvesant has 10,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. 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 $600,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received four DOB 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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has 2.8 times the average sales volume among other neighborhoods with $986.4 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Bedford Stuyvesant has 3.4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 3.5 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 of 113 Spencer Street, PincusCo has identified the owners of nine of the 28 commercial properties representing 32,500 square feet of the 80,040 square feet. The largest owner is Shloma Stuhl, followed by Morris Meisels and then Meir Stern.
On the tax block, there was one new building construction project filed totaling 5,602 square feet. It is a four-unit, 5,602 square-foot residential (R-2) building submitted by Zalmen Berkowitz with plans filed December 15, 2014 and it has not been permitted yet.

The majority, or 40 percent of the 80,040 square feet of built space are industrial buildings, with mixed-use buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Isamar Margareten owned at least four commercial properties with 11 residential units in New York City with 25,615 square feet and a city-determined market value of $6.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 36 percent of the 25,615 square feet of built space are industrial properties, with walkup properties next occupying 35 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link