Elie Fouerti pays $26.3M to Robert Hoffman for development site in Coney Island

Elie Fouerti through the entity 2957 Shell Road Qoz LLC paid $26.3 million to Robert Hoffman through the entity Shell Drive, LLC for development site (V0) at 2957 Shell Road in Coney Island, Brooklyn.
The deal closed on December 2, 2021 and was recorded on December 29, 2021.
The property has 0 square feet of built space and 172,867 square feet of additional air rights for a total buildable of 172,867 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $151 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 Robert Hoffman was Robert Hoffman. The signatory for Elie Fouerti was Mikhail Litt.
(B00646589) Fouerti filed plans for a 191-unit, 223,299 square-foot residential building R-2 on December 22, 2021, PincusCo reported this week.
Mikhail Litt, who is an attorney who has represented the Fouertis, for example here,  was the signatory. The address of the LLC buyer was at the Fouertis’ Appliances Connection building. The acronym QOZ stands for Qualified Opportunity Zone.
Within a 400-foot radius of 2957 Shell Road, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit issued on January 21, 2020 for a 68,910-square-foot B building at 809 Neptune Avenue.

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