Albert Dayan pays $2.6M for mixed-use in Park Slope
Albert Dayan through the entity 323 5th Aretz LLC paid $2.6 million to Allen Goldschein through the entity 323 Fifth Owners LLC for the two-unit mixed-use building (S2) at 323 Fifth Avenue in Park Slope, Brooklyn. The expected use is cash flowing.
The deal closed on July 11, 2024 and was recorded on August 16, 2024. The property has 2,851 square feet of built space and 933 square feet of additional air rights for a total buildable of 3,786 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $911 and the price per buildable square foot is $686 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 Allen Goldschein was Vincent A. Balardi. The signatory for Albert Dayan was Albert Dayan. The contract date was August 9, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Albert Dayan purchased four properties in four transactions for a total of $11.1 million and has no record it sold any properties over the past 24 months.
The seller Allen Goldschein had not purchased any other properties and had not sold any properties over the same time period.
The property
The mixed-use building with 2 residential units in Park Slope has 2,851 square feet of built space and 933 square feet of additional air rights for a total buildable of 3,786 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 58 feet deep with a total lot size of 1,262 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 $2.3 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
For the tax lot building, it received its initial certificate of occupancy on August 17, 2023. 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 Park Slope, The bulk, or 36 percent of the 9.8 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space. In sales, Park Slope has 3.1 times the average sales volume among other neighborhoods with $800.1 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 606,935 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 one of the 10 commercial properties representing 4,182 square feet of the 30,647 square feet. The identified owner is Herman Minkin.
There are no active new building construction projects on this tax block.
The majority, or 80 percent of the 30,647 square feet of built space are mixed-use buildings, with walkup buildings next occupying 20 percent of the space.
The buyer
The PincusCo database currently indicates that Albert Dayan owned at least four commercial properties with eight residential units in New York City with 13,784 square feet and a city-determined market value of $8.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. They are all located in Brooklyn.
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