IRA Capital pays $22.6M to Valyrian Capital for medical building in Flatlands

IRA Capital through the entity Mae Kings, LLC paid $22.6 million to Valyrian Capital through the entity 3417 Kh Partners, LLC for a medical building (I2) at 3417 Kings Highway in Flatlands, Brooklyn.
The deal closed on December 14, 2021 and was recorded on January 3, 2022.
This is IRA Capital’s first purchase in New York City in at least two years, according to PincusCo data.
The property has 12,616 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,795 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 April 30, 2014, for $5.6 million.
The signatory for Valyrian Capital was Theodore M. Kakoyiannis. The signatory for IRA Capital was Jay Gangwal.
(320305362)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on December 21, 2017. (320305362) Plans for a  12,616 square-foot B were filed on May 11, 2011 and were permitted on February 11, 2015.
Jay Gangwal is a principal with IRA Capital, a private equity fund. Valyrian bought the property in 2014 and leased it to New York Methodist Hospital. 
Within a 400-foot radius of 3417 Kings Highway, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Malek Management borrowed $9.8 million from Arbor Realty Trust secured by the 73,172-square-foot, 85-unit rental (D7) on 3502 Kings Highway on August 5, 2021.

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