Simkho Aranbayev pays $2.2M for retail in East Flatbush

Simkho Aranbayev through the entity 98 Metro Ik LLC paid $2.2 million to Michele Aditya through the entity Roama LLC for the retail building (K5) at 610 Utica Avenue in East Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on May 6, 2025 and was recorded on May 16, 2025. The property has 3,400 square feet of built space and 23,195 square feet of additional air rights for a total buildable of 26,662 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $654 and the price per buildable square foot is $83 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 August 12, 2008, for $2.1 million. The signatory for Michele Aditya was Michele Aditya. The signatory for Simkho Aranbayev was Simkho Aranbayev. The contract date was July 12, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Simkho Aranbayev purchased 10 properties in 10 transactions for a total of $44.5 million and sold two properties in two transactions for a total of $6.4 million over the past 24 months.
The seller Michele Aditya had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in East Flatbush has 3,400 square feet of built space and 23,195 square feet of additional air rights for a total buildable of 26,662 square feet according to a PincusCo analysis of city data. The parcel has frontage of 109 feet and is 122 feet deep with a total lot size of 13,331 square feet. The lot is irregular. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $1.3 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 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 East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.4 times the average sales volume among other neighborhoods with $389.2 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, East Flatbush has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 7,400 square feet of the 11,360 square feet. The largest owner is Monadnock Development, followed by Simkho Aranbayev and then Faigy Fischman.
On the tax block, there was one new building construction project filed totaling 338,611 square feet. It is a 321-unit, 338,611 square-foot residential (R-2) building submitted by Brookdale Hospital Medical Center and filed by Tony Renteria with plans filed January 5, 2022 and permitted December 4, 2023.

The majority, or 97 percent of the 11,360 square feet of built space are retail buildings, with industrial buildings next occupying 3 percent of the space.

The buyer

The PincusCo database currently indicates that Simkho Aranbayev owned at least 35 commercial properties with 44 residential units in New York City with 247,534 square feet and a city-determined market value of $52.6 million. (Market value is typically about 50% of actual value.) The portfolio has $27.3 million in debt, with top three lenders as Signature Bank, Provident Bank, and Union Savings Bank respectively. Within the portfolio, the bulk, or 56 percent of the 247,534 square feet of built space are retail properties, with mixed-use properties next occupying 37 percent of the space. The bulk, or 44 percent of the built space, is in Queens, with Brooklyn next at 39 percent of the space.

Direct link to Acris document. link