Mixed-use building in Gravesend sells for $12.2M
The entity 815 Khy Group LLC paid $12.2 million to Netanel Jacobov and Barak Jacobov through the entity 1717 East 8 St LLC for the mixed-use building (K4) at 1702 East 9th Street in Gravesend, Brooklyn.
The deal closed on June 22, 2021 and was recorded on July 20, 2021.
At the same time, Yelena Vaynshteyn through the entity 815 Khy Group LLC as borrower signed an acquisition loan with lender Columbia Capital through the entity Columbia Capital II Inc. valued at $8.5 million for the mixed-use building (K4) at 1702 East 9th Street in Gravesend, Brooklyn.
The deal closed on June 22, 2021 and was recorded on July 20, 2021.
The property has 45,400 square feet of built space and 0 square feet of additional air rights for a total buildable of 38,491 square feet according to PincusCo analysis of city data. The sale price per built square foot is $269 per the PincusCo analysis.
The seller bought the property on 26-Apr-19, as part of a two building purchase, for $20 million. The other property, which the Jacobovs still own, was 1719 East 8th Street.
The signatory for Netanel Jacobov and Barak Jacobov was Netanel Jacobov and Barak Jacobov. The signatory for Yelena Vaynshteyn was Yelena Vaynshteyn.
The contract date was June 22, 2021.
Within a 400-foot radius of 1702 East 9th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on August 27, 2020 for the $414,700 renovation of an 8,000-square-foot office B building at 1702 East 9th Street.
Of those five items, two were sales above $5 million totaling $60.4 million. The most recent of the two was Seavest Investment Group which bought the 112,684-square-foot, seven-unit office building (O3) on 902 Quentin Road and one other property for $53.8 million from Marx Development Group on June 8, 2021.
Of those five items, two were loans above $5 million totaling $57.0 million. The most recent of the two was Seavest Properties which borrowed $33.2 million from CIT Bank secured by the 112,684-square-foot, seven-unit office building (O3) on 902 Quentin Road on June 8, 2021.
Clarification: The sellers acquired 1719 East 8th Street as well as 1702 East 9th Street in a two-parcel purchase totaling $20 million in 2019. This sale of 1702 East 9th Street is only for one of the parcels.
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