McDonald’s pays $3.4M for long-occupied location in Cypress Hills

Fast food giant McDonald’s Corporation through the entity McDonald’s USA, LLC paid $3.4 million for the retail building (K5) at 3143 Atlantic Avenue in Cypress Hills, Brooklyn. The expected use is owner-occupied. McDonald’s has had a lease at the property since at least 2011.
The deal closed on January 29, 2026 and was recorded on February 11, 2026. The property has 3,612 square feet of built space and 129,207 square feet of additional air rights for a total buildable of 132,734 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $927 and the price per buildable square foot is $25 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 signatories for the sellers were Charles Kandleri, Joanne Piluso, Annamaria Panzarella, Paul Panzarella, and Mark Bortnick. The signatory for McDonald’s Corporation was Wendy T. Newkirk. The contract date was January 22, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer McDonald’s Corporation had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Charles Kandleri had not purchased any other properties and had not sold any properties over the same time period. The 3,612-square-foot property generated revenue of $244,857 or $68 per square foot, according to the most recent income and expense figures.

The property

The retail building in Cypress Hills has 3,612 square feet of built space and 129,207 square feet of additional air rights for a total buildable of 132,734 square feet according to a PincusCo analysis of city data. The parcel has frontage of 156 feet and is 130 feet deep with a total lot size of 22,049 square feet. The lot is irregular. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 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 Cypress Hills, The bulk, or 24 percent of the 8.6 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 20 percent of the space. In sales, Cypress Hills has had very little sales volume relative to other neighborhoods with $116.8 million in sales volume in the last two years. For development, Cypress Hills has near average amount of major developments among other neighborhoods and is the 13th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 3,300 square feet of the 40,656 square feet. The identified owner is Raimondo Zaytoune.
On the tax block, there were two new building construction projects totaling 16,275 square feet. The largest is a 14-unit, 12,644 square-foot residential (R-2) building submitted by Ramani Mariappan with plans filed May 16, 2021 and it has not been permitted yet. The second largest is a three-unit, 3,631 square-foot residential (R-2) building submitted by Christopher Persaud with plans filed January 20, 2025 and permitted October 31, 2025.

The majority, or 63 percent of the 40,656 square feet of built space are mixed-use buildings, with retail buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that McDonald’s Corporation owned at least one commercial property in New York City with 2,890 square feet and a city-determined market value of $893,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

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