Arthur Vayner pays $8.6M for industrial building in Brighton Beach

Arthur Vayner through the entity 100 Neptune Avenue Realty, LLC paid $8.6 million to Charles Santore through the entity Sor-San Realty Corp. for the industrial building at 100 Neptune Avenue in Brighton Beach, Brooklyn.
The deal closed on February 16, 2022 and was recorded on February 28, 2022.
The property has 30,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $285 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 19, 2004, for $2.6 million.
The signatory for Charles Santore was Charles Santore. The signatory for Arthur Vayner was Arthur Vayner.
Prior to this transaction, the buyer Arthur Vayner purchased one properties in one transactions for a total of $14.4 million and had not sold any properties over the past 24 months.
The seller Charles Santore had not purchased any other properties and had not sold any properties over the same time period.
The 30,000-square-foot property generated revenue of $426,731 or $14 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 and multi-family 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 34 percent of the 326,359 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 31 percent of the space.
Within a 400-foot radius of 100 Neptune Avenue, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were in new building development. There were two new building permit applications and one new building permit. The most recent of these three items was a filing on December 23, 2021 for a 16,728-square-foot R-2 building with 16 residential units at 27 Brighton 11th Street.
Of those six items, three were loans above $5 million totaling $27.4 million. The most recent of the three was Domenick J. Tonacchio which borrowed $14 million from Spencer Savings Bank secured by the 32,902-square-foot, 34-unit rental (D1) on 3440 Guider Avenue on June 16, 2021.

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