Zak Peysak files 20-unit project in Manhattan Beach

Zak Peysak submitted a new building construction project for a 20-unit, 35,807 square-foot residential (R-2) building at 101 Oriental Boulevard in Manhattan Beach, Brooklyn. The plan was filed on October 4, 2022. It calls for the construction of a 78-foot-tall, eight-story building and was filed with the New York City Department of Buildings under job number B00781122. The architect is RSLN Architecture PLLC. The project is described in the filing as: new eight-story mixed-use building.

Peysak bought the parcel on March 31, 2022, for $4 million.

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.

Prior sales and revenue

The existing property on the site is a retail building with 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 a PincusCo analysis of city data. The property is owned by Zak Peysak.

The 6,728-square-foot property generated revenue of $139,185 or $21 per square foot, according to the most recent income and expense figures.

The neighborhood

In Manhattan Beach, the majority, or 54 percent of the 1.3 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 31 percent of the space. In sales, Manhattan Beach has near average sales volume among other neighborhoods with $4 million in sales volume in the last two years and is the 46th highest in Brooklyn. For development, Manhattan Beach has near average amount of major developments among other neighborhoods and is the 42nd highest in Brooklyn. It had 77,057 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 18 commercial properties representing 9,008 square feet of the 64,512 square feet. The two identified owners are Allied Realty & Development and Zak Peysak. On the tax block, there was one new building construction project filed totaling 35,807 square feet. It is a 20-unit, 35,807 square-foot R-2 building developed by Zak Peysak with plans filed October 4, 2022 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Zak Peysak owned at least one commercial property in New York City with 6,728 square feet and a city-determined market value of $588,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

The surrounding

Within a 400-foot radius of 101 Oriental Boulevard, Pincusco identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, two were loans above $5 million totaling $27.6 million. The most recent of the two was Joseph Punia which borrowed $5 million from First Republic Bank secured by the 155,661-square-foot, 184-unit rental (D3) on 160 West End Avenue on April 14, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.