Arthur Vayner pays $4.3M to Jack Aini for retail, office in Sheepshead Bay

Arthur Vayner through the entity 2769 Coney Island Realty LLC paid $4.3 million to Jack Aini through the entity 2769 Coney Island Avenue Holding LLC for the mixed-use retail and office building (K4) at 2769 Coney Island Avenue in Sheepshead Bay, Brooklyn.
The deal closed on February 27, 2023 and was recorded on March 6, 2023.The property has 11,760 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $365 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 seller bought the property on November 15, 2013, for $4 million. The signatory for Jack Aini was Jack Aini. The signatory for Arthur Vayner was Arthur Vayner. The contract date was May 25, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Arthur Vayner purchased two properties in two transactions for a total of $22.9 million and has no record it sold any properties over the past 24 months.
The seller Jack Aini purchased one property in one transaction for a total of $5.8 million and sold two properties in two transactions for a total of $9.6 million over the same time period. The 11,760-square-foot property generated revenue of $387,791 or $33 per square foot, according to the most recent income and expense figures.

The property

The 2769 Coney Island Avenue parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,000 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $3,120 in ECB penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Sheepshead Bay, the bulk, or 44 percent of the 26.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.5 times the average sales volume among other neighborhoods with $525.8 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 687,099 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 this tax block, PincusCo has identified the owners of one of the 14 commercial properties representing 4,054 square feet of the 99,948 square feet. The identified owner is BRAM Auto Group.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 99,948 square feet of built space are retail buildings, with office buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Jack Aini owned at least two commercial properties in New York City with 69,085 square feet and a city-determined market value of $12.5 million. (Market value is typically about 50% of actual value.) The portfolio has $19 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 64 percent of the 69,085 square feet of built space are office properties, with walkup properties next occupying 36 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.

The buyer

The PincusCo database currently indicates that Arthur Vayner owned at least three commercial properties in New York City with 85,161 square feet and a city-determined market value of $9.6 million. (Market value is typically about 50% of actual value.) The portfolio has $21.8 million in debt, with top three lenders as Bethpage Federal Credit Union, Flushing Bank, and Columbia Capital Company respectively. Within the portfolio, the bulk, or 65 percent of the 85,161 square feet of built space are office properties, with industrial properties next occupying 35 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link