Farzana Kadery pays $5.2M for 4 mixed-use buildings in Brighton Beach

Farzana Kadery pays $5.2 million to Munza Ramgoolie for four mixed-use walkup buildings, 291, 285, 283 and in Brighton Beach, Brooklyn with a total of 20 residential units in four transactions.

In each of the four transactions, Farzana Kadery through the entity Neptune Ave Properties NY LLC paid $1.3 million to Munza Ramgoolie. The signatory for Munza Ramgoolie was Munza Ramgoolie. The signatory for Farzana Kadery was Farzana Kadery. The contract date was October 12, 2022. Each deal closed on September 11, 2023 and was recorded on October 13, 2023.

The first was the five-unit mixed-use building (S5) at 291 Neptune Avenue in Brighton Beach, Brooklyn. The property has 4,560 square feet of built space and 300 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $285 and the price per buildable square foot is $267 per the PincusCo analysis.

The second was for the five-unit mixed-use building (S5) at 285 Neptune Avenue in Brighton Beach, Brooklyn. The property has 4,120 square feet of built space and 740 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $315 and the price per buildable square foot is $267 per the PincusCo analysis.

The third was for the five-unit mixed-use building (S5) at 283 Neptune Avenue in Brighton Beach, Brooklyn. The property has 4,120 square feet of built space and 740 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $315 and the price per buildable square foot is $267 per the PincusCo analysis.

The fourth was for the five-unit mixed-use building (S5) at 273 Neptune Avenue in Brighton Beach, Brooklyn. The property has 4,120 square feet of built space and 740 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $315 and the price per buildable square foot is $267 per the PincusCo analysis.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Farzana Kadery had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Munza Ramgoolie had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Munza Ramgoolie, individual owner.

The property

The mixed-use building with 5 residential units in Brighton Beach has 4,560 square feet of built space and 300 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $698,000.

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 $550 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 Brighton Beach, The majority, or 58 percent of the 7.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 12 percent of the space. In sales, Brighton Beach has had very little sales volume relative to other neighborhoods with $106.4 million in sales volume in the last two years. For development, Brighton Beach has had very little major development activity relative to other neighborhoods.It had 614,955 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 73,807 square feet of built space are mixed-use buildings, with specialty buildings next occupying 22 percent of the space.

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