Raimondo Zaytoune pays $3.6M to Jemal family for retail in Sheepshead Bay

Raimondo Zaytoune through the entity Niceland Realty LLC paid $3.6 million to Jemal family members who lead ISJ Management and JJ Operating through the entity Jelco Nostrand LLC (and others) for the retail (K1) at 3696 Nostrand Avenue in Sheepshead Bay, Brooklyn. The expected use is cash flowing.
The deal closed on April 27, 2026 and was recorded on June 9, 2026. The property has 9,626 square feet of built space and 2,111 square feet of additional air rights for a total buildable of 11,731 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $373 and the price per buildable square foot is $306 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 ISJ Management and JJ Operating was Isaac S. Jemal , Samuel J. Jemal , and Robert Spiegelman . The signatory for Raimondo Zaytoune was Raimondo Zaytoune. The contract date was February 5, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Raimondo Zaytoune purchased one property in one transaction for a total of $3.9 million and has no record it sold any properties over the past 24 months.
The seller ISJ Management had not purchased any other properties and sold one property in one transaction for a total of $30 million over the same time period. The 9,626-square-foot property generated revenue of $478,027 or $50 per square foot, according to the most recent income and expense figures.

The property

The property in Sheepshead Bay has 9,626 square feet of built space and 2,111 square feet of additional air rights for a total buildable of 11,731 square feet according to a PincusCo analysis of city data. The parcel has frontage of 106 feet and is 110 feet deep with a total lot size of 11,731 square feet. The lot is irregular. The zoning is R4 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 $2.5 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 $1,380 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 block

On this tax block, PincusCo has identified the owners of 10 of the 49 commercial properties representing 374,548 square feet of the 509,652 square feet. The largest owner is Meridian Properties , followed by Robert Izsak and then Cammeby’s International Group .
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 509,652 square feet of built space are elevator buildings, with retail buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Jj Operating owned at least 20 commercial properties with six residential units in New York City with 991,190 square feet and a PincusCo-determined asset value of $758.6 million. Within the portfolio, the bulk, or 37 percent of the 991,190 square feet of built space are retail properties, with office properties next occupying 36 percent of the space. The bulk, or 55 percent of the built space, is in Bronx, with Brooklyn next at 34 percent of the space.
The PincusCo database currently indicates that Isj Management owned at least 20 commercial properties with six residential units in New York City with 991,190 square feet and a PincusCo-determined asset value of $758.6 million. Within the portfolio, the bulk, or 37 percent of the 991,190 square feet of built space are retail properties, with office properties next occupying 36 percent of the space. The bulk, or 55 percent of the built space, is in Bronx, with Brooklyn next at 34 percent of the space.

The buyer

The PincusCo database currently indicates that Raimondo Zaytoune owned at least 10 commercial properties with 10 residential units in New York City with 36,850 square feet and a PincusCo-determined asset value of $15.7 million. Within the portfolio, the bulk, or 55 percent of the 36,850 square feet of built space are mixed-use properties, with retail properties next occupying 44 percent of the space.

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