Maurizio Prainito pays $7.4M to Jeff Sutton for Canarsie retail

Maurizio Prainito through the entity Ml Realty Rockaway LLC paid $7.4 million to Jeff Sutton of Wharton Properties through the entity 2001 Rockaway Parkway LLC for the retail building (O1) at 2001 Rockaway Parkway in Canarsie, Brooklyn. Jeff Sutton bought the property for $2.4 million in late 2020.
The deal closed on February 27, 2023 and was recorded on March 1, 2023. The property has 6,552 square feet of built space and 3,920 square feet of additional air rights for a total buildable of 10,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,129 and the price per buildable square foot is $704 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.)
Jeff Sutton bought the property on October 20, 2020, from HSBC Bank for $2.4 million. The bank was the former occupant of the location. The signatory for Jeff Sutton and Wharton Properties was Jeff Sutton. The signatory for Maurizio Prainito was Maurizio Prainito.

Jeff Sutton is one of the largest retail owners in New York City, with a portfolio of more than 100 properties worth several billion dollars.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Maurizio Prainito had purchased any other properties and Prainito sold one property for $4.5 million over the past 24 months.
The seller Jeff Sutton purchased two properties in two transactions for a total of $16.8 million over the same time period. The 6,552-square-foot property generated revenue of $221,261 or $34 per square foot, according to the most recent income and expense figures.

The property

The 2001 Rockaway Parkway parcel has frontage of 140 feet and is 100 feet deep with a total lot size of 14,000 square feet. The zoning is R4-1 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $824,000.

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 $200 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 Canarsie, the bulk, or 28 percent of the 11.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 25 percent of the space. In sales, Canarsie has the 43rd highest sale turnover among other neighborhoods in Brooklyn with $46.7 million in sales volume in the last two years. For development, Canarsie has had very little major development activity relative to other neighborhoods.It had 57,991 square feet of commercial and multi-family construction under development in the last two years, which represents 0.49 percent of the neighborhood’s built space.

The block

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

The majority, or 58 percent of the 25,080 square feet of built space are mixed-use buildings, with office buildings next occupying 42 percent of the space.

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