Abdulla Saidi pays $2.6M for corner retail in Canarsie

Abdulla Saidi through the entity 10414-10424 Flatlands Avenue paid $2.6 million to Olga Ballas for the corner retail building (K1) at 10424 Flatlands Avenue in Canarsie, Brooklyn.
The deal closed on November 13, 2023 and was recorded on November 17, 2023. The property has 6,500 square feet of built space and 15,445 square feet of additional air rights for a total buildable of 21,908 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $407 and the price per buildable square foot is $120 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 Olga Ballas was Olga Ballas. The signatory for Abdulla Saidi was Abdulla Saidi. The contract date was October 4, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Abdulla Saidi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Olga Ballas had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Canarsie has 6,500 square feet of built space and 15,445 square feet of additional air rights for a total buildable of 21,908 square feet according to a PincusCo analysis of city data. The parcel has frontage of 99 feet and is 110 feet deep with a total lot size of 10,954 square feet. The lot is irregular. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received 10 DOB violations and $50 in OATH penalties in the last year.

Development

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 Canarsie, The bulk, or 28 percent of the 11.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 25 percent of the space. In sales, Canarsie has had very little sales volume relative to other neighborhoods with $92 million in sales volume in the last two years. For development, Canarsie has had very little major development activity relative to other neighborhoods.It had 116,092 square feet of commercial and multi-family construction under development in the last two years, which represents 0.99 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 6,500 square feet of the 18,900 square feet. The identified owner is Lambros Ballas.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 18,900 square feet of built space are mixed-use buildings, with retail buildings next occupying 34 percent of the space.

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