Zak Peysak pays $4M to Angelo Carlino for retail in Manhattan Beach

Zak Peysak through the entity ZP Services Inc. paid $4 million to Angelo Carlino through the entity 101 Oriental Blvd, LLC for two-unit retail building at 101 Oriental Boulevard in Manhattan Beach, Brooklyn.
The deal closed on March 31, 2022 and was recorded on April 13, 2022.

The property has 6,728 square feet of built space and 8,308 square feet of additional air rights for a total buildable of 15,066 square feet according to PincusCo analysis of city data. The sale price per built square foot is $594 and the price per buildable square foot is $265 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 Angelo Carlino was Angelo Carlino. The signatory for Zak Peysak was Zak Peysak.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Zak Peysak had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Angelo Carlino had not purchased any other properties and had not sold any properties over the same time period.

The property

The 101 Oriental Boulevard parcel has frontage of 62 feet and is 100 feet deep with a total lot size of 6,200 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $588,000.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $200 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Manhattan Beach, the majority, or 64 percent of the 4.9 million square feet of commercial built space are 1-4 family buildings, with specialty buildings next occupying 19 percent of the space. In sales, Manhattan Beach has not had any sales in the last two years. For development, Manhattan Beach has had very little major development activity relative to other neighborhoods.It had 81,831 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

There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 169,769 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 27 percent of the space.

Surrounding

Within a 400-foot radius of 101 Oriental Boulevard, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which JASA borrowed $22.6 million from Berkadia Commercial Mortgage secured by the 80,390-square-foot, 86-unit rental (D5) on 156 West End Avenue and one other property on December 7, 2021.

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