LostMessiah, April 12, 2016
SOMETHING IS STILL AMISS…
In our last article More to it than Meets the Eye, we questioned why Jona Rechnitz would pay $555.56 per square foot of space in Borough Park. It just doesn’t make sense. We discovered after a review of information and some digging that the space is not 45,000 square feet but actually 32,000 square feet of which 16,000 is retail and 16,000 is a parking garage.
While $555.56 per square foot seemed unreasonable, we do not know what to make of $781.25 per square foot. The plan, as described on JSR’s website is to add additional floors and “reposition the tenants.” To us, it seems as if addition footage would not only add to the cost of the property but might perhaps mean “repositioning tenants out the door” to raise rent.
According to JSRCapital’s website:
5002-5024 13TH AVENUE – SOLOMON PLAZA
In April 2015 JSR Capital, LLC purchased a property spanning one full block on 13th avenue between 50th and 51st streets in Brooklyn, NY. The 32,000 square foot property includes a private parking garage, 16,000 sf of prime retail space, and 16,000 sf of commercial office space. JSR plans to increase the NOI through repositioning the tenants and the development of additional floors on the property.