Archive for the tag 'commercial real estate'

The approximately footprint of the combined properties now owned by Muss Development. (Source: Google Maps)

The approximately footprint of the combined properties now owned by Muss Development. (Source: Google Maps)

Muss Development, the developer that built and manages Brighton Beach’s Oceana Condominium complex, has snapped up a sprawling 87,500-square-foot development site on Sheepshead Bay Road that was previously slated to become a mall – and they’ve announced plans to make it fully residential.

The deal was done in two parts, with Muss teaming up with AvalonBay Communities to purchase 1501 Voorhies Avenue, currently the vacant lot adjacent to the subway station that was once occupied by Verizon, at $16.2 million. In a separate deal, Muss acquired for $4 million the attached property at 1600 Sheepshead Bay Road at East 16th Street, where Citibank and several vacant storefronts are currently located.

These are properties with a back story.

The sites were sold by Acadia Realty Trust, which purchased them for $20.3 million in 2008. Acadia, in partnership with PA Associates had planned a two-building complex dubbed Station Plaza that included a 22-story mixed-use tower. There was to be mall with four floors of shopping, a new public street that cut through the property at East 16th Street, and more than 650 parking spaces – anchored by 16 floors of residential condominiums.

A rendering of the four-story mall previously planned for this location. A 16-story tower would have been perched atop this.

A rendering of the four-story mall previously planned for this location. A 16-story tower would have been perched atop this.

That was the plan, until the economy tanked and PA Associates were tied up with former State Senator Carl Kruger in a corruption scandal. Even before all that, we noted that the ambitious plan was a long way from becoming a reality.

Muss Development is looking to ditch the mall idea altogether, and make the larger property, the Verizon lot, fully residential. It will be split between condominiums and rental units, according to Commercial Observer, and can be built up to 250,000 square feet. It’s not yet clear how tall that would be, but the previously planned 22-story tower was one of the few that could be built in the area without seeking approval from the community due to the immense size of the lot. So while the new owners will not be able to build quite as tall, they can still make a good reach for the sky.

It’s unclear what the plans are for the Sheepshead Bay Road site, which currently has 4,000 square feet of retail and 9,000 square feet of commercial space.

Source: Google Maps

Source: Google Maps

Ocean Medical Plaza at 2700 Ocean Avenue, a medical office with 35 examination rooms, is now on the market for $5.75 million.

The 12,500 square foot building wedged between residential apartments between Avenue W and Gravesend Neck Road is being marketing by Massey Knakal Realty Service, according to a press release from the broker, and it appears the business is up for grabs as well.

The two-story building, with fully-finished basement, contains approximately 12,500 square feet and sits on a 40’ x 125’ lot.  It consists of 35 large examination rooms making this an excellent opportunity for a medical practice looking to expand. The owners are willing to sell the business as well, a highly respected medical practice that has been servicing the community for 18 years.

It doesn’t appear as if the business is included in the asking price.

According to Property Shark, the building stands on a 5,000 square foot lot. A developer can build an additional 8,000 square feet.

Originally built in 1995, the business is currently operated by Drs. Lazar and Elina Kaganovsky. Before that year, it was a two-story, one-family home.

Oceana complex (Source: Google Maps)

The final building in the Oceana condominium complex is nearly complete, and now owner Muss Development has announced plans to fill the first two floors with commercial tenants – the first businesses to appear within any of the complex’s 16 buildings.

The latest building, 50 Oceana Drive East, has been topped off, and Muss tells Commercial Observer that they’re looking to 8,420 square feet of retail on the ground floor, and 15,490 square feet of medical or office space on the second floor.

They tout the building’s flood-prepped amenities:

The commercial space is unique for South Brooklyn, Mr. Muss said, because it is new with 16-foot ceilings, comes with all of the modern bells and whistles and was LEED-designed by SLCE Architects. The entire building was built to post-Superstorm Sandy standards. That means the electrical switch gear was moved from the basement to an elevated platform well above the flood plane level and the elevator controls were moved from the basement to the roof.

Considering Oceana is a gated community, it makes me wonder whether a business owner would want to be behind the gates. Or if residents want random people coming through the gates. What do you think?

UPDATE (12:40 p.m.): As pointed out by commenter New World below, there will not be access to the residential portion:

Retail space would only be accessible from Coney Island, and would not have exit to the Oceana territory. One will need the Oceana a Resident key in order to enter the building from inside the Oceana, that’s the deal spelled out in the Muss/HOA of Oceana contract.

And a guest points out:

the elevators would be closed off so that no one can access the residential portion of the building from the retail space

beefsteak

Well, there goes my dream of reopening the long-shuttered Beefsteak Charlie’s, sitting back, and wasting away the rest of my life with an endless supply of cocktail shrimp.

After two attempts to get medical facilities off the ground, 3121 Ocean Avenue, the former home of Beefsteak Charlie’s, was purchased by Chestnut Realty for $5.1 million on April 24.

And just in case you thought maybe they’d like to realize my dream for me, well, nuh-uh. They’re looking to bring in a national chain or a bank. If that doesn’t work, office space it is.

“The current owner is considering developing the site for an office building or to lease to a national anchor tenant. We are currently in negotiation with a financial institution as well as a few other chain tenants, so we will see what will come of it,” said Arsen Atbashyan, CEO of Commercial Acquisitions. Commercial’s Denis Abayev served as listing agent on the deal.

There’s quite a bit they can do with the property. It’s a 21,113 square foot lot, and the building currently there takes up 9,500 square feet. Located in a C1-2/R4 zoning district, they could double the current building’s size and pack it with both commercial and residential units.

Regardless of what happens, it’s likely to be better than the unkempt, derelict lot it’s been since Maimonides Medical Center struggled to get a medical center off the ground in this spot. That followed an attempt to do the same by Coney Island Hospital, which was forced to retreat due to budget cuts.

And, of course, before both those attempts… the Beefsteak, which closed in the late-90s:

anatolian

Sheepshead Bay Road-staple Anatolian Gyro has moved off the main thoroughfare to a brand new storefront around the corner, and is now serving its yummy Turkish treats at the new location.

We announced the move was forthcoming back in October, with a planned opening date in January. As usual, permit holdups and inspector delays pushed that date back. But the new location opened its doors in the last weekend of April.

Now at 2623 East 16th Street, the new storefront is slightly larger. A peek inside revealed an industrial looking design with a Mediterranean touch. It looks comfortable and modern, and a definite upgrade from their old digs.

As we reported in October, the move comes as the landlord, Waldorf Realty, prepares to renovate the strip of storefronts that included Enterprize Gifts, Zeetron and Eye Appeal. Enterprize moved across the street in March, while Eye Appeal moved near the subway station in August 2013. Zeetron never reopened after Superstorm Sandy.

Waldorf recently started prepping another Sheepshead Bay Road property at Voorhies Avenue, containing six ground-floor businesses, for a face-lift. They’re also nearing completion on a renovation of another batch of storefronts on the corner of Avenue Z and East 16th Street.

Source: Murdock Solon

Source: Murdock Solon

A real estate management company linked to the owner of one of the city’s leading necktie manufacturers and wholesalers has taken over a swath of Kings Highway real estate, with plans to redevelop the property into a five-story retail and office development.

Several stores on the northern side of the corridor, from East 16th Street to East 17th Street, have shuttered in recent months, including the area’s McDonald’s restaurant. The building appears to still be owned by Kingsway Realty, according to city records, which has had its name inscribed on the facade since taking over the property in 1973.

1601-1607 Kings Highway, where several stores have shuttered in recent months to make way for redevelopment.

1601-1607 Kings Highway, where several stores have shuttered in recent months to make way for redevelopment. (Photo by Ned Berke)

Now plans are being considered by the Department of Buildings to tear down the two-story structure occupying the 17,880-square-foot lot, originally built in 1930, and replace it with a brand new facility, anchored by two floors of retail shopping and three floors of office space.

The building is being designed by the architectural firm of Murdock Solon. Renderings on their website show an ultra-modern design, featuring large bulked-out windows, a patterned facade and setbacks with rooftop gardens to be viewed by the office workers on the upper levels.

With escalators drawn into the middle of the retail space, it appears the developer may be aiming to attract a large retail tenant to occupy the bulk of the space.

There is parking for 25 vehicles and five bicycles in the basement level of the property, according to documents submitted to the DOB. The new building will stand 79 feet tall, and have 67,355 square-feet of space.

Although Kingsway appears to still be the owner of the property according to ACRIS, the online database of the City Register, the plans were submitted to the DOB on behalf of Lake Realty Inc., naming Walter Schik as the officer.

Schik is an Austrian-Jewish immigrant who fled Nazi persecution. Resettled in New York, he founded Bentley Cravats in 1947, which manufactures neckties, bow ties and other neckware.

Lake Realty Management LLC, which appears to be the official name of the company as registered with the state, manages a handful of properties in Brooklyn and Manhattan, including a nearby apartment building at 1233 East 19th Street.

Calls to Schik’s office were not returned.

The plans for the new five-story building were rejected in March, with the Department of Buildings stating that the drawings were incomplete. Calls to Murdock Solon for a status update were not returned.

Photos via Murdock Solon.

1616sheepshead

The Enterprize Gift & Jewelry store has moved from its 1601 Sheepshead Bay Road location across the street to 1616 Sheepshead Bay Road, co-locating with a new salon named Deniz Hair Salon. That storefront was previously occupied by J’Adore Paris, which closed in December.

It’s the latest business to move out of the strip from the northern side of Sheepshead Bay Road between East 16th Street and Jerome Avenue, leaving Anatolian Gyro as the last remaining tenant of the building. As we’ve previously reported, Anatolian Gyro will soon move to 2623 East 16th Street, just around the corner.

The exodus is due to the landlord’s plans to renovate the strip. The landlord, Waldorf Realty, is also renovating two other stretches on and near Sheepshead Bay Road, leaving many vacant storefronts as it prepares for construction.

The other stores in this building were Eye Appeal, which already moved to 1508 Sheepshead Bay Road, and Zeetron, an electronics repair shop that never reopened after Superstorm Sandy.

Waldorf recently started prepping another Sheepshead Bay Road property at Voorhies Avenue last fall, containing six ground-floor businesses, for a face-lift. They’re also nearing completion on a renovation of another batch of storefronts on the corner of Avenue Z and East 16th Street.

enterprize

Chase Bank at 1500 Coney Island Ave (Source: Google Maps)

Chase Bank at 2500 Coney Island Ave (Source: Google Maps)

A 7,200-square-foot retail property, currently home to a Chase Bank and cellphone repair store, has sold to new owners for $5.425 million.

The property sits at 2500 Coney Island Avenue, on the corner of Avenue V. It’s a two-story building with a 12,000 square foot parking lot.

The owners could choose to redevelop the site, building taller while staying within zoning laws, but the Observer, which reported on the deal, notes that it is “unlikely.”

The new owner is Francman Realty LLC, a New Jersey-based company.

loehmanns

ONLY ON SHEEPSHEAD BITES: The owners of Loehmann’s Seaport Plaza (2027 Emmons Avenue) have submitted plans to the Department of Building to construct a new extension to the controversial building, leaving those who fought its initial construction nearly 20 years ago in a state of shock.

The proposed extension would add a new story of commercial offices, totaling 10,000 square feet. The plans are in violation of zoning and the property’s current variance, and will soon be considered by Community Board 15 and the Board of Standards and Appeals.

One of the property’s owners, Alex Levin, confirmed the expansion.

“We’re looking to expand office space,” he said. “We’re going to bring the elevator up to [a new third] floor. We have our reasons.”

The project’s architect, Robert Palermo, declined to discuss the plans.

“It’s privileged information. When it comes before the board, it’ll be public,” he said.

There is no date set yet for a public hearing at Community Board 15, the first step to obtaining any variance. Chairperson Theresa Scavo said she had not yet been notified by the Board of Standards Appeals.

As a resident, though, she was shocked to learn of the plan.

“Speaking personally, it was against the special Sheepshead zoning district to begin with, and to add a floor is a slap in the face to the people of Sheepshead Bay,” she said. “I cannot believe that adding another floor is going to give the Bay a better look with that monstrosity there.”

The building sits within the Sheepshead Bay special zoning district, which limits the size and use of structures along the Emmons Avenue waterfront. The area is limited to waterfront and tourist-related activities, and special density and height limits govern development.

Many longtime Sheepshead Bay activists credit the development of Loehmann’s Seaport Plaza in the 1990s as the death of the special district, having won a variance that, according to those who fought it, resulted in it being 800 percent larger than legal limits. The exception was won due to the promise of the retail giant Loehmann’s as an anchor tenant, justifying jobs and commercial draw in exchange for its waiver.

Loehmann’s went bankrupt and vacated the property last month.

Bay Improvement Group Steve Barrison, one of the development’s most vocal opponents, said the new application is history repeating itself.

“It’s the same thing all over again. The use exceeds the zoning by 800 percent. It was granted specifically for Loehmann’s and Loehmann’s went out. So that’s it. Unbelievable,” he said. “We’re talking about a special district. We’re talking about the waterfront. We’re not talking about any where else in the community. It’s disgusting.”

Barrison added that there’s little legal justification to allow the variance simply for office space. According to the law, a developer must show that they suffer from certain hardships, as found in section 72-21 of New York’s Zoning Resolution.

“It’s insensitive to the whole community after Sandy,” said Barrison. “All of the people who haven’t moved in or are still rebuilding and trying to get their lives together. Now [this developer] wants to go and build and increase zoning some more when people can’t speak up.”

If Bay Improvement Group decides to fight the variance, they’ll be fighting a different developer than they did in the 1990s. The building was sold to Levin in 2008 for $24 million, a local real estate record at the time.

Pizza Boulevard (Source: Google Maps)

Pizza Boulevard (Source: Google Maps)

Any alum of Leon M. Goldstein High School (née Kingsborough High School, in my day) has a special place in their heart for Pizza Boulevard at 1623 Oriental Boulevard in Manhattan Beach.

Located across the street from the front gates of the Kingsborough campus, in which Goldstein High School sits, it was a beacon of freedom and food. It meant, at long last, you were out of class and done for the day (or simply, y’know, cutting) – and also a good distance away from the cafeteria’s mutant fried-fish-with-American-cheese-baked-underneath-the-crust culinary atrocity.

Man, I could go on about the memories about that place. Some would tarnish my good mediocre name. Others would confirm every bit of what Manhattan Beach residents fear happens on that corner.

Let’s not stir that pot today.

Pizza Boulevard – the business – is for sale. Ben Bay Realty has the listing for $579,000, describing it as a “well established successful 1, 134 Sq. ft + full Basement, corner Pizzeria near a major NYC college and High School.”

It has 19 years left on the lease, at $5,300 month plus five percent increases each year, as well as 12 percent of the total taxes and insurance. It claims to seat 34 and have outdoor seating for 24, though it never felt like that.

Quite frankly, I’m a little curious about why such a long-lived and successful pizzeria in a key location is up for sale, and, to my untrained eye, half a million dollars doesn’t sound too bad.

What do you think?

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