Raimondo Zaytoune pays $3.9M for retail in Sheepshead Bay

Raimondo Zaytoune through the entity Charmland Realty LLC paid $3.9 million to Michael Green through the entity Pear Realty Corp. for the retail building (K1) at 2684 Coney Island Avenue in Sheepshead Bay, Brooklyn. The expected use is cash flowing.
The deal closed on October 1, 2024 and was recorded on October 16, 2024. The property has 9,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $418 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 Michael Green was Michael Green. The signatory for Raimondo Zaytoune was Raimondo Zaytoune. The contract date was June 24, 2024. Raimondo Zaytoune, who also uses the name Raymond Zaytoune, is CEO of Dura-Kleen which sells bakeware, and other items.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Raimondo Zaytoune had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Green had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Sheepshead Bay has 9,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,500 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 $1.2 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 $1,350 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 Sheepshead Bay, The bulk, or 43 percent of the 26.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 2.1 times the average sales volume among other neighborhoods with $543.4 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 843,085 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 41,306 square feet of built space are retail buildings, with walkup buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that Raimondo Zaytoune owned at least nine commercial properties with 10 residential units in New York City with 27,650 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 27,650 square feet of built space are mixed-use properties, with retail properties next occupying 26 percent of the space. They are all located in Brooklyn.

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