Wednesday, May 06, 2015

Just-sold Williamsburg property slated for environmental cleanup 

Lightning fast.
Industrial property in the Hasidic end of Williamsburg was on the sale market for a New York Minute before being snapped up for $7.5 million.
There were a dozen or more contenders for the property, all from the Satmar community, said Neil Dolgin, co-president of Kalmon Dolgin Affiliates.
"It was a question of who's going to come to the table quickest," said Dolgin, who represented the sellers in the transaction. "The deal closed in 30 days."
The property includes three locations on one block — 466 Flushing Ave., 11-15 Spencer St. and 21-27 Spencer St.— with low-rise industrial buildings and parking lots. Plus there's one building on the other side of Spencer Street whose addresses are 12 Spencer St. and 735 Bedford Ave.
On some of the buildings, there are faded signs for Delta Metal Products Co., a prior occupant.
Rhonda Friedman signed the deeds for the sellers, as president of two corporations that owned the properties, city Finance Department records indicate.
"This was an estate situation," Dolgin said. The sellers, who were the original owners' adult children, don't live in New York City.
The purchaser, Moses Wertheimer, lives nearby and owns other properties in the neighborhood, Dolgin said. Wertheimer represented himself in the transaction.
Wertheimer bought this property to rent it out, Dolgin said. It could be used for offices or warehouses. He'd like some retail tenants as well.
A current tenant, seafood distributor Aqua Best, will remain an occupant of the property.
Before Wertheimer seeks new tenants, he must do extensive environmental cleanup that's expected to cost a couple million dollars, Dolgin said.
During the sale process, due diligence turned up an environmental problem. There are PCEs in the soil, "probably from 30 years ago," the real estate exec explained.
PCE stands for perchloroethylene, which is also known as tetrachloroethylene. The chlorinated solvent is used in dry cleaning, wood processing, fabric manufacturing and metal degreasing.

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