ABJ Properties pays $3.2M to Steven Katz for 7-unit walkup in South Slope

ABJ Properties through the entity Sag 471, LLC paid $3.2 million to Steven Katz through the entity 471 Sapphire Apartments LLC for the seven-unit residential walkup building (C7) at 471 7th Avenue in South Slope, Brooklyn. The expected use is cash flowing.
The deal closed on October 30, 2024 and was recorded on December 26, 2024. The property has 7,212 square feet of built space and 122 square feet of additional air rights for a total buildable of 7,338 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $443 and the price per buildable square foot is $436 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 Steven Katz was Neil Kupferman. The signatory for ABJ Properties was Benjamin Soleimani. The contract date was October 30, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ABJ Properties purchased 16 properties in 15 transactions for a total of $49.9 million and sold one property in one transaction for a total of $5.8 million over the past 24 months.
The seller Steven Katz purchased two properties in two transactions for a total of $4.7 million and sold four properties in four transactions for a total of $11.6 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Howard Katz, head officer. The business entity is The Sixlsat Group.

The property

The residential walkup building with 7 residential units in South Slope has 7,212 square feet of built space and 122 square feet of additional air rights for a total buildable of 7,338 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 97 feet deep with a total lot size of 2,446 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 million.

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 not received any significant violations 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 block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 8,292 square feet of the 42,106 square feet. The identified owner is Barcel Group.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 42,106 square feet of built space are walkup buildings, with mixed-use buildings next occupying 46 percent of the space.

The seller

The PincusCo database currently indicates that Steven Katz owned at least six commercial properties with 25 residential units in New York City with 24,490 square feet and a city-determined market value of $9.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 54 percent of the 24,490 square feet of built space are mixed-use properties, with walkup properties next occupying 46 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that ABJ Properties owned at least 94 commercial properties with 1,071 residential units in New York City with 1,019,758 square feet and a city-determined market value of $155.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 88 percent of the 1,019,758 square feet of built space are walkup properties, with elevator properties next occupying 9 percent of the space. The bulk, or 43 percent of the built space, is in Bronx, with Manhattan next at 33 percent of the space.

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