Zelouf International Corp. pays $8.5M for formerly bankrupted Dumbo commercial

Zelouf International Corp. through the entity ZB Pearl LLC and 3D Pearl LLC paid $8.5 million to the entity 177 Water Limited Partnership for the formerly bankrupted office building (O5) at 177 Water Street also known as 53 Pearl Street in Dumbo, Brooklyn.
The deal closed on May 24, 2021 and was recorded on June 22, 2021.
The property has 17,404 square feet of built space and 8,340 square feet of additional air rights for a total buildable of 25,747 square feet according to PincusCo analysis of city data. The sale price per built square foot is $490 and the price per buildable square foot is $331 per the PincusCo analysis.
The signatory for Pearl 53 LLC was Thomas Masotto. The signatory for Zelouf International Corp. was Danny Zelouf.

The former owner, Pearl 53 LLC, filed for bankruptcy protection in April 2020 in Brooklyn. Danny Zelouf is the CEO of Zelouf International Corp.  Christopher Masotto, who previously signed for a mortgage on the property.
Within a 400-foot radius of 53 Pearl Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on August 27, 2020 for a 184,467-square-foot B building with no residential unit residential units at 29 Jay Street.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on July 18, 2019 for the $11.0 million renovation of 77,869-square-foot R-2 building with 46 residential units at 168 Plymouth Street.
One of those three items was a loan which Churchill Real Estate Holdings borrowed $8.0 million from Signature Bank secured by the 27,448-square-foot, 24-unit rental (D5) on 57 Jay Street on December 11, 2020.

Direct link to Acris document. link

In addition, Zelouf International Corp. through the entity 3d Pearl LLC as borrower signed an acquisition loan with lender ConnectOne Bank valued at $9.2 million for the office building (O5) at 53 Pearl Street in Fulton Ferry, Brooklyn.
The deal closed on May 24, 2021 and was recorded on June 22, 2021.
The property has 17,404 square feet of built space and 8,340 square feet of additional air rights for a total buildable of 25,747 square feet according to PincusCo analysis of city data. The loan price per built square foot is $529 and the price per buildable square foot is $357 per the PincusCo analysis.
The signatory for Zelouf International Corp. was Danny Zelouf.

Direct link to Acris document. link