Yacob Marmurstein pays $12.4M for industrial in Greenwood Heights

Yacob Marmurstein, who has significant industrial holdings in Gowanus, through the entity 129 30 A LLC paid $12.4 million to Marcus J. Elias through the entity Four B’S Inc. for the industrial building (E1) at 121 30th Street in Greenwood Heights, Brooklyn.
The deal closed on August 23, 2022 and was recorded on August 30, 2022. The property has 27,000 square feet of built space and 23,038 square feet of additional air rights for a total buildable of 50,084 square feet according to PincusCo analysis of city data. The sale price per built square foot is $459 and the price per buildable square foot is $247 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 Marcus J. Elias was Marcus J. Elias. The signatory for Yacob Marmurstein was Yacob Marmurstein. Marmurstein, who also goes by Jack Marmurstein and Yacov Marmurstein, owns at least 11 tax lots near the Gowanus Canal including at 110 Fifth Street. 

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Yacob Marmurstein had purchased any other properties and sold one property in one transaction for a total of $2.4 million over the past 24 months.
The seller Marcus J. Elias had not purchased any other properties and had not sold any properties over the same time period. The 27,000-square-foot property generated revenue of $183,155 or $7 per square foot, according to the most recent income and expense figures.

The property

The 121 30th Street parcel has frontage of 250 feet and is 100 feet deep with a total lot size of 25,042 square feet. The zoning is M1-2D which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.4 million.The most recent loan totaled $5.5 million and was provided by Sterling National Bank on September 15, 2020.

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.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Greenwood Heights, the bulk, or 40 percent of the 16.4 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 36 percent of the space. In sales, Greenwood Heights has had very little sales volume relative to other neighborhoods with $104.9 million in sales volume in the last two years. For development, Greenwood Heights has had very little major development activity relative to other neighborhoods.It had 714,874 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. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 16 commercial properties representing 137,526 square feet of the 176,038 square feet. The largest owner is New York Police Department, followed by Pedro Nomberto and then Nicholas Kotsonis.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 176,038 square feet of built space are walkup buildings, with specialty buildings next occupying 30 percent of the space.

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