AB Realty pays $4M to Platinum Realty for retail in Flatlands

AB Realty Holdings Group through the entity AB Realty Holdings Group, LLC paid $4 million to Platinum Realty Associates through the entity 98 Metro IK LLC (and others) for the adjacent retail buildings (K1) at 1716-1722 Utica Avenue in Flatlands, Brooklyn. The expected use is cash flowing.
The deal closed on April 17, 2025 and was recorded on May 29, 2025. The two properties have 6,916 square feet of built space and 3,692 square feet of additional air rights for a total buildable of 10,608 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $578 and the price per buildable square foot is $377 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Platinum Realty Associates was Peter Young . The signatory for AB Realty Holdings Group was Anthony Brown. The contract date was February 13, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1716 Utica Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer AB Realty Holdings Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Platinum Realty Associates purchased 13 properties in 10 transactions for a total of $44.9 million and sold two properties in one transaction for a total of $4 million over the same time period. The two properties with a total of 6,916 square feet of built space generated revenue of $241,231 per year or $35 per square foot. The sale price per square foot was $578.

The property

The retail building in Flatlands has 6,916 square feet of built space and 3,692 square feet of additional air rights for a total buildable of 10,608 square feet according to a PincusCo analysis of city data. The parcel has frontage of 38 feet and is 100 feet deep with a total lot size of 3,883 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $581,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $650 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Flatlands, The bulk, or 35 percent of the 6.3 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 19 percent of the space. In sales, Flatlands has the 38th highest sale turnover among other neighborhoods in Brooklyn with $78.2 million in sales volume in the last two years. For development, Flatlands has had very little major development activity relative to other neighborhoods.It had 201,818 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 1716 Utica Avenue, PincusCo has identified the owners of two of the five commercial properties representing 27,936 square feet of the 59,912 square feet. The two identified owners are Moshe Piller and Platinum Realty Associates.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 59,912 square feet of built space are retail buildings, with specialty buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Platinum Realty Associates owned at least 89 commercial properties with 60 residential units in New York City with 535,360 square feet and a city-determined market value of $115.1 million. (Market value is typically about 50% of actual value.) The portfolio has $54.2 million in debt, with top three lenders as Signature Bank, First National Bank of Long Island, and Customers Bank respectively. Within the portfolio, the bulk, or 67 percent of the 535,360 square feet of built space are retail properties, with mixed-use properties next occupying 25 percent of the space. The bulk, or 58 percent of the built space, is in Queens, with Brooklyn next at 35 percent of the space.

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