Igor Shtarkman pays $2M for mixed-use in Manhattan Beach

Igor Shtarkman through the entity Giv153 LLC paid $2 million to Roman Khaves through the entity Mobile Paradise LLC for the three-unit mixed-use building (S3) at 153 West End Avenue in Manhattan Beach, Brooklyn.
The deal closed on May 17, 2024 and was recorded on May 21, 2024. The property has 4,725 square feet of built space and 518 square feet of additional air rights for a total buildable of 5,248 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $415 and the price per buildable square foot is $374 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 December 1, 2017, for $1.3 million. The signatory for Roman Khaves was Roman Khaves. The signatory for Igor Shtarkman was Igor Shtarkman. The contract date was December 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Igor Shtarkman purchased two properties in one transaction for a total of $2.4 million and has no record it sold any properties over the past 24 months.
The seller Roman Khaves had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Svetlana Negrimovsky, head officer and Roman Khaves, officer. The business entity is Mobile Paradise Llc.

The property

The mixed-use building with 3 residential units in Manhattan Beach has 4,725 square feet of built space and 518 square feet of additional air rights for a total buildable of 5,248 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 35 feet deep with a total lot size of 2,160 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 $852,000.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 15, 2014. 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 Manhattan Beach, The majority, or 54 percent of the 1.5 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 32 percent of the space. In sales, Manhattan Beach has the 46th highest sale turnover among other neighborhoods in Brooklyn with $13.6 million in sales volume in the last two years. For development, Manhattan Beach has had very little major development activity relative to other neighborhoods.It had 57,817 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 9,008 square feet of the 40,580 square feet. The two identified owners are Zak Peysak and Allied Realty & Development.
On the tax block, there was one new building construction project filed totaling 35,807 square feet. It is a 20-unit, 35,807 square-foot residential (R-2) building submitted by Zak Peysak and filed by Zak Peysak with plans filed October 4, 2022 and permitted March 28, 2024.

The majority, or 33 percent of the 40,580 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Igor Shtarkman owned at least two commercial properties in New York City with 8,624 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 8,624 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link