Mirwais Barakzai pays $13.8M to Sheikh Ullah for residential elevator in Brighton Beach

Mirwais Barakzai through the entity Sachs Holdings LLC paid $13.8 million to Sheikh Ullah through the entity Exclusive Properties Development Group Inc. for 24-unit residential elevator building at 3364 Guider Avenue in Brighton Beach, Brooklyn.
The deal closed on March 31, 2022 and was recorded on April 13, 2022.

The property has 40,691 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $339 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 Sheikh Ullah was Sheikh Ullah. The signatory for Mirwais Barakzai was Mirwais Barakzai.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Mirwais Barakzai had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sheikh Ullah had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Sheikh Ullah, head officer. The business entity is Exclusive Properties Development Group. The 40,691-square-foot property generated revenue of $857,766 or $21 per square foot, according to the most recent income and expense figures.

The property

The 3364 Guider Avenue parcel has frontage of 37 feet and is 101 feet deep with a total lot size of 9,120 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2012 and expires in 2027. The city-designated market value for the property in 2022 is $4.1 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received one DOB violation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 1, 2017. 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 Brighton Beach, the majority, or 57 percent of the 13.1 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 16 percent of the space. In sales, Brighton Beach has the 43rd highest sale turnover among other neighborhoods in Brooklyn with $13.8 million in sales volume in the last two years. For development, Brighton Beach has had very little major development activity relative to other neighborhoods.It had 692,857 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 16 commercial properties representing 33,000 square feet of the 135,055 square feet. The identified owner is Arthur Vayner. There are no active new building construction projects on this tax block.

The majority, or 35 percent of the 212,615 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 22 percent of the space.

Surrounding

Within a 400-foot radius of 3364 Guider Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were sales above $5 million totaling $41.8 million. The most recent of the two was Arthur Vayner which bought the 33,000-square-foot, five-unit office building (O2) on 3044 Coney Island Avenue for $14.4 million from Samuel Shpelfogel on January 12, 2022.
Of those four items, two were loans above $5 million totaling $181.5 million. The most recent of the two was Arthur Vayner which borrowed $9.5 million from Bethpage Federal Credit Union secured by the 33,000-square-foot, five-unit office building (O2) on 3044 Coney Island Avenue on January 12, 2022.

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