Platinum Realty Associates pays $2.8M for retail in Canarsie

The Koptiev family’s Platinum Realty Associates through the entity 76-14 LLC paid $2.8 million through an estate sale to the estate of Irving Waldman for the retail building (K1) at 1584-1594 Rockaway Parkway in Canarsie, Brooklyn. The expected use is cash flowing.
The deal closed on August 14, 2024 and was recorded on August 27, 2024. The property has 7,070 square feet of built space and 617 square feet of additional air rights for a total buildable of 7,720 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $388 and the price per buildable square foot is $356 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 the estate of Irving Waldman was Carol Lee Myron and Steven Waldman. The signatory for Platinum Realty Associates was Peter Young. The contract date was April 23, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Platinum Realty Associates purchased five properties in five transactions for a total of $13 million and sold five properties in four transactions for a total of $20.3 million over the past 24 months.
The seller Irving Waldman had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Canarsie has 7,070 square feet of built space and 617 square feet of additional air rights for a total buildable of 7,720 square feet according to a PincusCo analysis of city data. The parcel has frontage of 89 feet and is 113 feet deep with a total lot size of 10,294 square feet. The lot is irregular. 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 $708,000.

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 not received any significant violations 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 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 had very little sales volume relative to other neighborhoods with $77.7 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 128,753 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing zero square feet of the 10,996 square feet. The identified owner is Brooklyn Public Library.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 10,996 square feet of built space are retail buildings, with industrial buildings next occupying 36 percent of the space.

The buyer

The PincusCo database currently indicates that Platinum Realty Associates owned at least 82 commercial properties with 52 residential units in New York City with 470,580 square feet and a city-determined market value of $103.5 million. (Market value is typically about 50% of actual value.) The portfolio has $37.8 million in debt, borrowed from Signature Bank and First National Bank of Long Island. Within the portfolio, the bulk, or 72 percent of the 470,580 square feet of built space are retail properties, with mixed-use properties next occupying 20 percent of the space. The bulk, or 63 percent of the built space, is in Queens, with Brooklyn next at 32 percent of the space.

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