Schmiley Schick Acquires Borough Park Office Building For $30M

The office building located at 2250 59 Street in Borough Park, Brooklyn, has been sold in a recent transaction. The property, zoned as C8-2, encompasses a total square footage of 52,446, with a building square footage (BSF) of 20,000. The buyer, Schmiley Schick, acquired the asset from the seller, Joshua Markovics, for a total price of $30,000,000. The price per square foot (PPSF) for the property is $572, and the price per BSF (PPBSF) is $1,500. The lot size is 10,000, with the dimensions of 100 ft x 100.17 ft. The previous sale of the property took place on May 23, 2018, with a sale price of $4,000,000. The property is classified as tax class 4 and has a floor area ratio (FAR) of 5.24.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $30,000,000
• Market: Borough Park, Brooklyn
• Zoning: C8-2
• Buyer: Schmiley Schick
• Seller: Joshua Markovics
• Price per Square Foot (PPSF): $572
• Price per BSF (PPBSF): $1,500
• Lot Size: 10,000
• Last Sale Price: $4,000,000 (5/23/2018)
• Lot Dimension: 100 ft x 100.17 ft
• Tax Class: 4
• Floor Area Ratio (FAR): 5.24

The transaction involved Schmiley Schick as the buyer and Joshua Markovics as the seller. The deal closed on December 3, 2021. Schmiley Schick was represented by their brokerage agency, and Joshua Markovics was represented by their brokerage agency as well.