Capital Automotive pays $54M to Manuel Kadre for auto showroom in Coney Island

Capital Automotive through the entity Cars-Db4, L.P. paid $54 million to Manuel Kadre through the entity JLR Brooklyn Re, LLC for the auto showroom building (G8) at 809 Neptune Avenue in Coney Island, Brooklyn.
The deal closed on June 30, 2022 and was recorded on August 2, 2022. The property has 63,065 square feet of built space and 107,378 square feet of additional air rights for a total buildable of 170,442 square feet according to PincusCo analysis of city data. The sale price per built square foot is $856 and the price per buildable square foot is $316 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 September 9, 2015, for $14.5 million. The signatory for Manuel Kadre was Manuel Kadre. The signatory for Capital Automotive was Stephanie Rochel. Capital Automotive does sale-leaseback financing for auto dealers.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Capital Automotive had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Manuel Kadre had not purchased any other properties and had not sold any properties over the same time period.

The property

The 809 Neptune Avenue parcel has frontage of 561 feet and is 116 feet deep with a total lot size of 85,221 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.5 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 $2,500 in ECB penalties and $2,500 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 68,910-square-foot B building. The project was developed by Jim Eagleton with plans filed May 23, 2017 and permitted January 21, 2020.

The neighborhood

In Coney Island, the majority, or 68 percent of the 14.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 10 percent of the space. In sales, Coney Island has the 40th highest sale turnover among other neighborhoods in Brooklyn with $47.4 million in sales volume in the last two years. For development, Coney Island has 2 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 53 commercial properties representing 140,805 square feet of the 322,290 square feet. The largest owner is CubeSmart, followed by Consolidated Edison and then City of New York. There are three active new building construction projects totaling 72,113 square feet. The largest is a 68,910-square-foot B building developed by Jim Eagleton with plans filed May 23, 2017 and permitted January 21, 2020. The second largest is a zero-unit, 2,016-square-foot B building developed by Monachan Mathai with plans filed April 21, 2021 and it has not been permitted yet.

The majority, or 88 percent of the 322,290 square feet of built space are industrial buildings, with office buildings next occupying 6 percent of the space.

Direct link to Acris document. link