Jacky Levy pays $3.7M to MJ Orbach for mixed-use in Brighton Beach

Jacky Levy through the entity 701 Realty LLC paid $3.7 million to MJ Orbach Associates through the entity 701 Brighton Realty LLC for the mixed-use building (K4) at 701 Brighton Beach Avenue in Brighton Beach, Brooklyn. The expected use is cash flowing.
The deal closed on December 23, 2024 and was recorded on January 3, 2025. The property has 3,720 square feet of built space and 1,220 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 $987 and the price per buildable square foot is $756 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 MJ Orbach Associates was Michael Orbach. The signatory for Jacky Levy was Jacky Levy. The contract date was July 30, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jacky Levy had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller MJ Orbach Associates had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Brighton Beach has 3,720 square feet of built space and 1,220 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 $1.4 million.

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 $50 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 56 percent of the 8.1 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 $167.2 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 126,063 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 23 commercial properties representing 54,906 square feet of the 203,673 square feet. The largest owner is Zalmen Management, followed by David Winiarski and then Pervez A. Siddiqui.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 203,673 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that MJ Orbach Associates owned at least two commercial properties with 71 residential units in New York City with 219,916 square feet and a city-determined market value of $29.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 219,916 square feet of built space are office properties, with elevator properties next occupying 30 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 30 percent of the space.

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