Ruben Luna pays $9.8M for mixed-use in Flatlands

Ruben Luna through the entity 1771 Utica Properties LLC paid $9.8 million to George Kyriakoudes through the entity Lancaster Realty Mgt. Corp. for the mixed-use building (K1) at 1771-1807 Utica Avenue in Flatlands, Brooklyn.
The deal closed on November 30, 2023 and was recorded on December 7, 2023. The property has 16,200 square feet of built space and 33,600 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $603 and the price per buildable square foot is $195 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 George Kyriakoudes was George Kyriakoudes. The signatory for Ruben Luna was Ruben Luna. The contract date was October 4, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ruben Luna purchased one property in one transaction for a total of $7 million and has no record it sold any properties over the past 24 months.
The seller George Kyriakoudes had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Flatlands has 16,200 square feet of built space and 33,600 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 400 feet and is 100 feet deep with a total lot size of 40,000 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.3 million. The most recent loan totaled 0.0 and was provided by Fairview Investment Fund on April 2, 2021.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $4.1 million commercial foreclosure concerning a loan filed on January 7, 2022, by Fairview Investment Fund against George Kyriakoudes and Helen Kyriakoudes. 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 Flatlands, The bulk, or 35 percent of the 6.3 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 19 percent of the space. In sales, Flatlands has had very little sales volume relative to other neighborhoods with $128.1 million in sales volume in the last two years. For development, Flatlands has had very little major development activity relative to other neighborhoods.It had 308,601 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 two commercial properties representing 16,200 square feet of the 19,200 square feet. The identified owner is George Kyriakoudes.
There are no active new building construction projects on this tax block.

The majority, or 84 percent of the 19,200 square feet of built space are mixed-use buildings, with retail buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that George Kyriakoudes owned at least one commercial property in New York City with 16,200 square feet and a city-determined market value of $3.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Ruben Luna owned at least two commercial properties in New York City with 22,400 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are retail properties. They are all located in Bronx.

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