Yeshiva pays $11.3M to Maheshchand Ratanji for hotel development in Sheepshead Bay

Yeshivat Darche Eres paid $11.3 million to Maheshchand Ratanji through the entity 2320 Coney LLC for hotel building at 2316 Coney Island Avenue in Sheepshead Bay, Brooklyn.
The deal closed on January 5, 2022 and was recorded on January 19, 2022.
The property has 27,262 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $416 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 September 17, 2018, for $5.2 million.
The signatory for Maheshchand Ratanji was Maheshchand Ratanji.

The seller Maheshchand Ratanji purchased three properties totaling $37.1 million and had not sold any properties over the same time period.
(321973904) Plans for an 81-unit, 20,826 square-foot R-1 were filed on June 28, 2019 and were permitted on March 22, 2021.
In Sheepshead Bay, the bulk, or 42 percent of the 62.1 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 33 percent of the space. In sales, Sheepshead Bay has 1.4 times the average sales volume among other neighborhoods with $395.1 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 704,512 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 29 percent of the 243,532 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 26 percent of the space.

Within a 400-foot radius of 2316 Coney Island Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were two permit applications with a total initial cost of $1 million. The most recent of these two items was the filing on October 27, 2021 for a 7,732-square-foot F-4 building with 0 residential units at 2334 Coney Island Avenue.

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