Joey Araman pays $5.9M to Jack and Albert Aini for corner retail in East Flatbush

Joey Araman through the entity 2848 Realty LLC paid $5.9 million to Jack and Albert Aini through the entity 2848 Church Avenue Holding LLC for the mixed-use building (K4) at 2848 Church Avenue in East Flatbush, Brooklyn. Albert Aini acquired the building in 1992.
The deal closed on February 8, 2023 and was recorded on February 10, 2023. The property has 8,400 square feet of built space and 2,062 square feet of additional air rights for a total buildable of 10,441 square feet according to PincusCo analysis of city data. The sale price per built square foot is $704 and the price per buildable square foot is $566 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 Jack and Albert Aini was Jack Aini. The signatory for Joey L. Araman was Joey L. Araman.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Joey L. Araman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jack Aini purchased one property in one transaction for a total of $5.8 million and sold one property in one transaction for a total of $3.7 million over the same time period. The 8,400-square-foot property generated revenue of $402,258 or $48 per square foot, according to the most recent income and expense figures.

The property

The 2848 Church Avenue parcel has frontage of 42 feet and is 162 feet deep with a total lot size of 4,297 square feet. The lot is irregular. 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 $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In East Flatbush, the bulk, or 32 percent of the 42.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $185.3 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 28 commercial properties representing 106,034 square feet of the 250,387 square feet. The largest owner is Triple C Capital Group, followed by Joseph Popack and then Bawabeh Brothers.
On the tax block, there were five new building construction projects totaling 94,980 square feet. The largest is a 56-unit, 45,320-square-foot R-2 building developed by Walid Shehadeh with plans filed October 12, 2022 and it has not been permitted yet. The second largest is a 16-unit, 16,863-square-foot R-2 building developed by Yanky Geldzahler with plans filed August 31, 2020 and permitted June 6, 2022.

The majority, or 42 percent of the 250,387 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Jack Aini owned at least two commercial properties in New York City with 69,085 square feet and a city-determined market value of $12.5 million. (Market value is typically about 50% of actual value.) The portfolio has $19 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 64 percent of the 69,085 square feet of built space are office properties, with walkup properties next occupying 36 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.

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