Marino Mazzei pays $2M for three specialty properties in East New York

Marino Mazzei through the entity 242 Nevins, Inc. paid $2 million to Lisa Inzerillo through the entity Van Siclen Realty LLC for specialty building (Z9) at 203 Van Siclen Avenue in East New York, Brooklyn, specialty building (Z9) at 207 Van Siclen Avenue in East New York, Brooklyn, and specialty building (Z9) at 211 Van Siclen Avenue in East New York, Brooklyn.
The deal closed on November 1, 2022 and was recorded on November 2, 2022. The three properties have zero square feet of built space and 33,375 square feet of additional air rights for a total buildable of 33,375 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $59 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 Lisa Inzerillo was Lisa Inzerillo. The signatory for Marino Mazzei was Marino Mazzei.

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 203 Van Siclen Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Marino Mazzei purchased two properties in one transactions for a total of $1.7 million and has no record it sold any properties over the past 24 months.
The seller Lisa Inzerillo had not purchased any other properties and had not sold any properties over the same time period.

The property

The 203 Van Siclen Avenue parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is M1-4/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $162,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations 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 New York, the bulk, or 40 percent of the 44.6 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 2.3 times the average sales volume among other neighborhoods with $800.4 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, East New York has 3.3 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

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

The majority, or 53 percent of the 9,684 square feet of built space are industrial buildings, with walkup buildings next occupying 47 percent of the space.

The buyer

The PincusCo database currently indicates that Marino Mazzei owned at least five commercial properties in New York City with 36,542 square feet and a city-determined market value of $4.7 million. (Market value is typically about 50% of actual value.) The portfolio has $3 million in debt, borrowed from Bonafide Realty. Within the portfolio, the bulk, or 49 percent of the 36,542 square feet of built space are retail properties, with industrial properties next occupying 32 percent of the space. They are all located in Brooklyn.

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