Israel Blackman pays $2.7M for possible dev site in Coney Island

Israel Blackman through the entity Neptune Equities Group NY LLC paid $2.7 million to Vito Mancini through the entity 2516 Neptune LLC for the medical building (I7) at 2516 Neptune Avenue in Coney Island, Brooklyn.
On the lot, there is one new building construction project for a 10-unit, 13,746 square-foot residential (R-2) building. The project was submitted by Vito Mancini with plans filed March 29, 2019 and it has not been permitted yet.
The deal closed on August 15, 2023 and was recorded on September 7, 2023. The property has 4,200 square feet of built space and 10,799 square feet of additional air rights for a total buildable of 14,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $635 and the price per buildable square foot is $177 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 22, 2015, for $1.1 million. The signatory for Vito Mancini was Vito Mancini. The signatory for Israel Blackman was Israel Blackman. The contract date was February 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Israel Blackman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vito Mancini had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Coney Island has 4,200 square feet of built space and 10,799 square feet of additional air rights for a total buildable of 14,998 square feet according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 100 feet deep with a total lot size of 11,999 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $781,000.

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.

The neighborhood

In Coney Island, The majority, or 68 percent of the 14.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 10 percent of the space. In sales, Coney Island has had very little sales volume relative to other neighborhoods with $283.4 million in sales volume in the last two years. For development, Coney Island has 1.5 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 13,746 square feet. It is a 10-unit, 13,746 square-foot residential (R-2) building submitted by Vito Mancini with plans filed March 29, 2019 and it has not been permitted yet.

All properties are specialty.

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