East 32 Towers LLC pays $8.9M to Ayhan Turkmen for elevator building in East Flatbush

The entity East 32 Towers LLC paid $8.9 million to Ayhan Turkmen through the entity 715 E 32 LLC for the 49-unit residential elevator building at 715 East 32nd Street in East Flatbush, Brooklyn.
The deal closed on December 23, 2021 and was recorded on January 14, 2022.
The property has 37,325 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $239 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 signatory for Ayhan Turkmen was Ayhan Turkmen.

The seller Ayhan Turkmen had not purchased any other properties and had not sold any properties over the same time period.
The 37,325-square-foot property generated revenue of $639,436 or $17 per square foot, according to the most recent income and expense figures.

In East Flatbush, the majority, or 42 percent of the 78.9 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, East Flatbush has had very little sales volume relative to neighborhoods in the city with $177.2 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 million square feet of commercial construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 75 percent of the 366,383 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 14 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Janet Tepfer, head officer and Herminio Veras, site manager. The business entities were Most Reliable Mgmt and 715 E 32 Llc.
Within a 400-foot radius of 715 East 32nd Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on June 12, 2020 for a 39,305-square-foot R-2 building with 54 residential units at 1620 New York Avenue.
Of those four items, three were loans above $5 million totaling $22 million. The most recent of the three was Raymond Y. Davoodi which borrowed $5 million from Fieldpoint Private Bank & Trust secured by the 15,871-square-foot, 16-unit rental (D1) on 730 East 32nd Street on February 4, 2021.

Clarification: The name of the buyer was redacted.

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