Michael Durante pays $3.1M to Zaki Turkieh in flip for industrial in East New York

Michael Durante through the entity Mjd Holdings LLC paid $3.1 million to Zaki Turkieh through the entity Orly Management And Realty LLC for the industrial building (F1) at 933 Stanley Avenue in East New York, Brooklyn. Zaki Turkieh bought the building on the same day for $2.3 million, then flipped it to Michael Durante in the current sale.
The deal closed on January 5, 2024 and was recorded on February 1, 2024. The property has 9,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $324 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 seller bought the property on January 5, 2024, for $2.3 million. The signatory for Zaki Turkieh was Zaki Turkieh. The signatory for Michael Durante was Michael Durante. The contract date was January 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Michael Durante purchased one property in one transaction for a total of $2 million and has no record it sold any properties over the past 24 months.
The seller Zaki Turkieh purchased one property in one transaction for a total of $2.3 million and had not sold any properties over the same time period.

The property

The industrial building in East New York has 9,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 135 feet deep with a total lot size of 9,699 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $829,000.

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 $5,050 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 East New York, The bulk, or 40 percent of the 44.5 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 2.1 times the average sales volume among other neighborhoods with $632.1 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, East New York is the 8th most active neighborhood among other neighborhoods. It had 5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 9,700 square feet of the 121,507 square feet. The identified owner is Zaki Turkieh.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 121,507 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Zaki Turkieh owned at least eight commercial properties in New York City with 75,930 square feet and a city-determined market value of $26.2 million. (Market value is typically about 50% of actual value.) The portfolio has $14 million in debt, borrowed from Maspeth Federal Savings and Loan Association. Within the portfolio, all identified are industrial properties. The bulk, or 87 percent of the built space, is in Queens, with Brooklyn next at 13 percent of the space.

The buyer

The PincusCo database currently indicates that Michael Durante owned at least two commercial properties in New York City with 4,000 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Queens.

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