ABJ Properties pays $6.6M to Kupfermans for 10-unit walkup in South Slope

ABJ Properties through the entity 369 7th LLC paid $6.6 million to Kupferman Family through the entity 492 11th Street LLC for 10-unit mixed-use walkup at 369 7th Avenue in South Slope, Brooklyn. The expected use is cash flowing.
The deal closed on December 30, 2024 and was recorded on January 29, 2025. The property is divided into two commercial condominium units, one for the residential and one for the retail, which have 9,545 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $694 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 the Kupferman family was Neil Kupferman. The signatory for ABJ Properties was Benjamin Soleimani . The contract date was October 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ABJ Properties purchased 19 properties in 17 transactions for a total of $61.3 million and sold one property in one transaction for a total of $5.8 million over the past 24 months.
The seller Kupferman family had not purchased any other properties and sold four properties in four transactions for a total of $10 million over the same time period.

The property

The building in South Slope has 9,545 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,029 square feet. The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 neighborhood

In South Slope, The bulk, or 47 percent of the 4.6 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, South Slope has had very little sales volume relative to other neighborhoods with $184.5 million in sales volume in the last two years. For development, South Slope has had very little major development activity relative to other neighborhoods.It had 369,694 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 369 7th Avenue, PincusCo has identified the owners of four of the 24 commercial properties representing 33,882 square feet of the 168,974 square feet. The largest owner is Meridian Properties, followed by Firebird Grove and then Anthony Licatesi.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 168,974 square feet of built space are walkup buildings, with industrial buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Kupferman Family owned at least three commercial properties with 25 residential units in New York City with 19,368 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that ABJ Properties owned at least 97 commercial properties with 1,110 residential units in New York City with 1,047,720 square feet and a city-determined market value of $163.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 88 percent of the 1,047,720 square feet of built space are walkup properties, with elevator properties next occupying 8 percent of the space. The bulk, or 42 percent of the built space, is in Bronx, with Manhattan next at 34 percent of the space.

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