Yitzchok Katz through the entity Baltic Holdings LLC signed a contract as buyer to acquire from Scott Pedowitz through the entity 524 Baltic Holding Co. LLC the retail building at 524 Baltic Street in Gowanus, Brooklyn. The sale price was not disclosed.
The deal closed on February 8, 2022 and was recorded on February 25, 2022.
The property has 12,500 square feet of built space and 12,500 square feet of additional air rights for a total buildable of 25,000 square feet according to PincusCo analysis of city data.
The signatory for Scott Pedowitz was Scott Pedowitz. The signatory for Yitzchok Katz was Yitzchok Katz.
Prior to this transaction, the buyer Yitzchok Katz purchased eight properties in three transactions for a total of $12.8 million and had not sold any properties over the past 24 months.
The seller Scott Pedowitz had not purchased any other properties and had not sold any properties over the same time period.
The 12,500-square-foot property generated revenue of $401,836 or $32 per square foot, according to the most recent income and expense figures.
(320849702)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 12, 2014.
In Gowanus, the bulk, 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 other neighborhoods with $205.4 million in sales volume in the last two years. For development, Gowanus is the 10th most active neighborhood among other neighborhoods. It had 4.1 million square feet of commercial and multi-family 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 49 percent of the 81,548 square feet of built space are industrial buildings, with hotel buildings next occupying 36 percent of the space.
Within a 400-foot radius of 524 Baltic Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit application filed on February 11, 2022 for a 68,808-square-foot R-2 building with 92 residential units at 159 3rd Avenue.
Of those six items, two were sales above $5 million totaling $28.5 million. The most recent of the two was Tavros Holdings which bought the 10,000-square-foot development site (V1) on Butler Street and seven other properties for $6 million from Atkins & Breskin on January 10, 2022.
Of those six items, three were loans above $5 million totaling $54.6 million. The most recent of the three was Tavros Holdings which borrowed $25.4 million from CIT Bank secured by the 10,000-square-foot, one-unit industrial (G1) on 251 Douglass Street and seven other properties on January 10, 2022.
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