Simkho Aranbayev pays $15.8M to Greg Feldman for two retail buildings in East New York
Simkho Aranbayev through the entity 921 Penn Ave LLC paid $15.8 million to Greg Feldman through the entity Mbm Associates for retail building at 965 Pennsylvania Avenue in East New York, Brooklyn.
The deal closed on February 15, 2022 and was recorded on February 28, 2022.
The two properties have 42,152 square feet of built space and 64,476 square feet of additional air rights for a total buildable of 106,251 square feet according to PincusCo analysis of city data. The sale price per built square foot is $373 and the price per buildable square foot is $148 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 Greg Feldman was Greg Feldman. The signatory for Simkho Aranbayev was Simkho Aranbayev.
Prior to this transaction, the buyer Simkho Aranbayev purchased at least four properties in one transaction for a total of $5.8 million and sold two properties in two transactions for a total of $4.9 million over the past 24 months.
The two properties with a total of 42,152 square feet of built space generated revenue of $1.6 million per year or $38 per square foot. The sale price per square foot was $374.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $69,000.
In East New York, the bulk, or 31 percent of the 68.3 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 26 percent of the space. In sales, East New York has the 4th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, East New York has 2.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.2 million 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.
On the tax block, all properties are retail.
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