Sami Souid pays $2.6M to Uzi Shvut for development in Gravesend
Sami Souid through the entity Bh 2110 Op LLC paid $2.6 million to Uzi Shvut through the entity 2110 Ocean Parkway LLC for the development building (V0) at 2110 Ocean Parkway in Gravesend, Brooklyn.
The deal closed on June 6, 2023 and was recorded on June 16, 2023. The property has zero square feet of built space and 5,075 square feet of additional air rights for a total buildable of 5,075 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $512 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 seller bought the property on March 15, 2006, for $2.1 million. The signatory for Uzi Shvut was Uzi Shvut. The signatory for Sami Souid was Joseph Abadi. The buyer entity CEO is Sami Souid. Souid is also affiliated with Gotham Assets.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Sami Souid had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Uzi Shvut purchased three properties in three transactions for a total of $3.9 million and had not sold any properties over the same time period.
The property
The parcel has frontage of 29 feet and is 140 feet deep with a total lot size of 4,060 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 $820,000.
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 Gravesend, The bulk, or 40 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has near average sales volume among other neighborhoods with $388.6 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, Gravesend has had very little major development activity relative to other neighborhoods.It had 648,771 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
On this tax block, PincusCo has identified the owners of one of the six commercial properties representing zero square feet of the 14,440 square feet. The identified owner is Uzi Shvut.
On the tax block, there was one new building construction project filed totaling 5,972 square feet. It is a one-unit, 5,972 square-foot residential (R-3) building submitted by Zaki Haber with plans filed August 31, 2015 and it has not been permitted yet.
The majority, or 100 percent of the 14,440 square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.
The seller
The PincusCo database currently indicates that Uzi Shvut owned at least 17 commercial properties with 19 residential units in New York City with 96,623 square feet and a city-determined market value of $17.2 million. (Market value is typically about 50% of actual value.) The portfolio has $33.8 million in debt, borrowed from Barclays and Citibank. Within the portfolio, the bulk, or 62 percent of the 96,623 square feet of built space are retail properties, with mixed-use properties next occupying 38 percent of the space. The bulk, or 55 percent of the built space, is in Bronx, with Queens next at 23 percent of the space.
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