Centerpark pays $6M to Muss Development for garage in Brighton Beach

Centerpark through the entity Oceana Garage LLC paid $6 million to Muss Development through the entity Brighton Underground Garage II, LLC for the property (G1) at 75 Oceana Drive East in Brighton Beach, Brooklyn and property (G1) at 90 Oceana Drive West in Brighton Beach, Brooklyn.
The deal closed on October 19, 2023 and was recorded on November 6, 2023.
The signatory for Muss Development was Joshua Muss. The signatory for Centerpark was Gregg Reuben. The contract date was July 18, 2023.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 90 Oceana Drive West.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Centerpark purchased six properties in four transactions for a total of $23.7 million and has no record it sold any properties over the past 24 months.
The seller Muss Development had not purchased any other properties and sold four properties in four transactions for a total of $16.4 million over the same time period.

The property

The condo building in Brighton Beach has 236,107 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 202 feet and is 149 feet deep with a total lot size of 30,097 square feet.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received six DOB violations 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 block

On the tax block of 90 Oceana Drive West, PincusCo has identified the owners of one of the five commercial properties representing 16,603 square feet of the 252,710 square feet. The identified owner is Platinum Realty Associates.
There are no active new building construction projects on this tax block.

The seller

The PincusCo database currently indicates that Muss Development owned at least 15 commercial properties in New York City with 1,162,819 square feet. Within the portfolio, the bulk, or 49 percent of the 1,162,819 square feet of built space are office properties, with hotel properties next occupying 18 percent of the space. The bulk, or 63 percent of the built space, is in Queens, with Brooklyn next at 27 percent of the space.

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