Zaki Turkieh pays $2.3M for industrial in East New York

Zaki Turkieh through the entity Orly Management And Realty LLC paid $2.3 million to the entity Casa Del Realty LLC for the industrial building (F1) at 933 Stanley Avenue in East New York, Brooklyn.
The deal closed on January 5, 2024 and was recorded on January 30, 2024. The property has 9,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $237 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 signatories for the seller were Sergio Casella, Salvatore Casella, and Gabriel Casella. The signatory for Zaki Turkieh was Zaki Turkieh. The contract date was December 21, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zaki Turkieh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sergio Casella had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in East New York has 9,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 135 feet deep with a total lot size of 9,699 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $829,000.

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 received $5,050 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 $1 million on this tax lot.

The neighborhood

In East New York, The bulk, or 40 percent of the 44.5 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 2.4 times the average sales volume among other neighborhoods with $736.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, East New York is the 8th most active neighborhood among other neighborhoods. It had 5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

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

The majority, or 100 percent of the 121,507 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Zaki Turkieh owned at least seven commercial properties in New York City with 66,230 square feet and a city-determined market value of $25.4 million. (Market value is typically about 50% of actual value.) The portfolio has $14 million in debt, borrowed from Maspeth Federal Savings and Loan Association. Within the portfolio, all identified are industrial properties. They are all located in Queens.

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