Toufik Kassab pays $2.2M for retail in Coney Island, owns 2 properties on block

Toufik Kassab through the entity 1205 Surf Ave Realty LLC paid $2.2 million to Elan Katz through the entity 1045 Surf LLC for the retail building (P6) at 1045 Surf Avenue in Coney Island, Brooklyn.
The deal closed on September 25, 2024 and was recorded on October 18, 2024. The property has 3,938 square feet of built space and 3,938 square feet of additional air rights for a total buildable of 7,876 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $571 and the price per buildable square foot is $285 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 February 13, 2007, for $900,000. The signatory for Elan Katz was Elan Katz. The signatory for Toufik Kassab was Toufik Kassab. The contract date was August 20, 2024. Toufik Kassab owns 1001 Surf Avenue and 1015 Surf Avenue on the same block.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Toufik Kassab had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Elan Katz had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Coney Island has 3,938 square feet of built space and 3,938 square feet of additional air rights for a total buildable of 7,876 square feet according to a PincusCo analysis of city data. The parcel has frontage of 56 feet and is 70 feet deep with a total lot size of 3,938 square feet. The lot is irregular. The zoning is C7 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $366,000.

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 Coney Island, The majority, or 68 percent of the 14.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 10 percent of the space. In sales, Coney Island has near average sales volume among other neighborhoods with $258.8 million in sales volume in the last two years and is the 25th highest in Brooklyn. For development, Coney Island has 1.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 9,860 square feet of the 41,684 square feet. The identified owner is Bryan Mckenzie.
On the tax block, there was one new building construction project filed totaling 14,502 square feet. It is a 14,502 square-foot assembly (A-3) building submitted by Peter Yadgarov with plans filed May 19, 2016 and it has not been permitted yet.

The majority, or 77 percent of the 41,684 square feet of built space are retail buildings, with mixed-use buildings next occupying 23 percent of the space.

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