Atlantis Management pays $16.46M to Signature Investment Group for 3 Brooklyn gas stations

Atlantis Management Group, led by CEO Tumay Basaranlar, paid $16.46 million to the Shurka family’s Signature Investment Group for three gas stations in Brooklyn located at 441 Remsen Avenue, 1141 Utica Avenue and 1092 Rogers Avenue. The family has owned the properties for decades.

In the first transaction, Atlantis Management Group through the entity Amg, Pub V LLC paid $5.5 million to Signature Investment Group through the entity J.E.M. Properties LLC for the industrial building (G4) at 441 Remsen Avenue in East Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on July 22, 2024 and was recorded on July 29, 2024. The property has 6,095 square feet of built space and 18,973 square feet of additional air rights for a total buildable of 25,130 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $899 and the price per buildable square foot is $218 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.)

In the second, Atlantis Management Group through the entity Amg, Pub V LLC paid $5.5 million to Signature Investment Group through the entity Morvary LLC for the industrial building (G3) at 1141 Utica Avenue in East Flatbush, Brooklyn. The expected use is cash flowing. The deal closed on July 22, 2024 and was recorded on July 29, 2024. The property has 2,697 square feet of built space and 11,340 square feet of additional air rights for a total buildable of 14,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,033 and the price per buildable square foot is $391 per the PincusCo analysis.

In the third, Atlantis Management Group through the entity Amg, Pub V LLC paid $5.5 million to Signature Investment Group through the entity Roger LLC for the industrial building (G4) at 1092 Rogers Avenue in Flatbush, Brooklyn. The expected use is cash flowing. The deal closed on July 22, 2024 and was recorded on July 29, 2024. The property has 2,686 square feet of built space and 21,597 square feet of additional air rights for a total buildable of 24,297 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,042 and the price per buildable square foot is $225 per the PincusCo analysis.

The signatory for Signature Investment Group was Manny Shurka. The signatory for Atlantis Management Group was Tumay Basaranlar. The contract date was June 15, 2022. The Shurka family through Signature Investment Group owns a large portfolio in New York City properties, much acquired before 2000 and many including gas stations.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Atlantis Management Group purchased one property in one transaction for a total of $4 million and sold one property in one transaction for a total of $7 million over the past 24 months.
The seller Signature Investment Group purchased one properties in one transactions for a total of $45.9 million and sold two properties in two transactions for a total of $44.5 million over the same time period.

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 $2,480 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 East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.4 times the average sales volume among other neighborhoods with $373.1 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, East Flatbush has 1.6 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 25,431 square feet of the 59,541 square feet. The largest owner is Briard Group, followed by Jacob Lunger and then Malka Lunger.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 59,541 square feet of built space are industrial buildings, with mixed-use buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Signature Investment Group owned at least 23 commercial properties with 117 residential units in New York City with 139,386 square feet and a city-determined market value of $50 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 139,386 square feet of built space are hotel properties, with industrial properties next occupying 32 percent of the space. The bulk, or 97 percent of the built space, is in Brooklyn, with Queens next at 3 percent of the space.

The buyer

The PincusCo database currently indicates that Atlantis Management Group owned at least six commercial properties in New York City with 13,044 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 13,044 square feet of built space are retail properties, with industrial properties next occupying 30 percent of the space. The bulk, or 90 percent of the built space, is in Bronx, with Queens next at 7 percent of the space.

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