Leon Sakkal pays $4.3M for two retail properties in Flatlands

Leon Sakkal through the entity 5201 Avenue N LLC paid $4.3 million to Albert Capone through the entity Cll Holding Corp. for the retail building (K1) at 5201 Avenue N and the retail building (K1) at 5209 Avenue N in Flatlands, Brooklyn. The expected use is cash flowing.
The deal closed on August 15, 2024 and was recorded on August 16, 2024. The two properties have 9,351 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $459 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 Albert Capone was Albert Capone. The signatory for Leon Sakkal was Leon Sakkal. The contract date was September 30, 2022.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 5201 Avenue N.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Leon Sakkal had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Albert Capone had not purchased any other properties and sold two properties in two transactions for a total of $14 million over the same time period.

The property

The retail building in Flatlands has 9,351 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 63 feet and is 100 feet deep with a total lot size of 6,339 square feet. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $689,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $6,000 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 Flatlands, The bulk, or 35 percent of the 6.3 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 19 percent of the space. In sales, Flatlands has had very little sales volume relative to other neighborhoods with $96.4 million in sales volume in the last two years. For development, Flatlands has had very little major development activity relative to other neighborhoods.It had 213,667 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 18,694 square feet of built space are retail buildings, with mixed-use buildings next occupying 50 percent of the space.

The seller

The PincusCo database currently indicates that Albert Capone owned at least one commercial property in New York City with 17,130 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $7.3 million in debt, borrowed from Bethpage Federal Credit Union. The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

Direct link to Acris document. link