Arthur Vayner pays $14.4M to Samuel Shpelfogel for office building in Brighton Beach

Arthur Vayner through the entity 3044 Coney Island Realty LLC paid $14.4 million to Samuel Shpelfogel through the entity 3044 LLC for office building at 3044 Coney Island Avenue in Brighton Beach, Brooklyn.
The deal closed on December 20, 2021 and was recorded on January 12, 2022.
The property has 33,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $435 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 Samuel Shpelfogel was Samuel Shpelfogel. The signatory for Arthur Vayner was Arthur Vayner.
Prior to this transaction, the buyer Arthur Vayner had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Samuel Shpelfogel had not purchased any other properties and had not sold any properties over the same time period.
The 33,000-square-foot property generated revenue of $885,135 or $27 per square foot, according to the most recent income and expense figures.

In Brighton Beach, the majority, or 57 percent of the 13.1 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 16 percent of the space. In sales, Brighton Beach has the 43rd highest sale turnover among other neighborhoods in Brooklyn with $13.8 million in sales volume in the last two years. For development, Brighton Beach has had very little major development activity relative to other neighborhoods. It had 692,857 square feet of commercial construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
On the tax block, the majority, or 35 percent of the 212,615 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 22 percent of the space.
Within a 400-foot radius of 3044 Coney Island Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Edward E. Klein borrowed $14 million from Dime Community Bank secured by the 76,920-square-foot, 82-unit rental (D7) on 3033 Coney Island Avenue on June 23, 2020.

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