Nabil Hussein pays $11.7M to Simko Aranbayev, David Koptiev in Canarsie

Nabil Hussein through the entity 105 Flatlands Rental LLC paid $11.7 million to Simko Aranbayev and David Koptiev of Platinum Realty Associates through the entity 105-10 Flat LLC for the mixed-use building (K4) at 105-10 Flatlands Avenue in Canarsie, Brooklyn, mixed-use building (K4) at 105-16 Flatlands Avenue in Canarsie, Brooklyn, and mixed-use building (K4) at 105-04 Flatlands Avenue in Canarsie, Brooklyn.
The deal closed on September 26, 2023 and was recorded on October 10, 2023. The three properties have 26,260 square feet of built space and 6,966 square feet of additional air rights for a total buildable of 32,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $445 and the price per buildable square foot is $361 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 Simko Aranbayev and David Koptiev was Simko Aranbayev and David Koptiev. The signatory for Nabil Hussein was Peter Young. The contract date was May 15, 2023. Nabil Hussein is the filer for the buyer entity.

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 105-10 Flatlands Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nabil Hussein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Simko Aranbayev had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use buildings in Canarsie have 26,260 square feet of built space and 6,966 square feet of additional air rights for a total buildable of 32,400 square feet according to a PincusCo analysis of city data.  The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation and $6,785 in OATH penalties in the last year.

Development

For the tax lot buildings, three out of the three buildings received a initial certificate of occupancy in the last ten years. On these lots, there is one active major alteration construction project for a 22,218 square-foot M building. The project was submitted by Simkho Aranbayev with plans filed April 10, 2017 and permitted February 28, 2020.

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 38th highest sale turnover among other neighborhoods in Brooklyn with $87.6 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 113,049 square feet of commercial and multi-family construction under development in the last two years, which represents 0.96 percent of the neighborhood’s built space.

The block

On the tax block of 105-10 Flatlands Avenue, PincusCo has identified the owners of one of the three commercial properties representing 7,556 square feet of the 26,260 square feet. The identified owner is Platinum Realty Associates.
There are no active new building construction projects on this tax block.

All properties are mixed-use.

The seller

The PincusCo database currently indicates that David Koptiev owned at least nine commercial properties with four residential units in New York City with 50,376 square feet and a city-determined market value of $10.6 million. (Market value is typically about 50% of actual value.) The portfolio has $5.7 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 82 percent of the 50,376 square feet of built space are retail properties, with mixed-use properties next occupying 18 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Queens next at 41 percent of the space.

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