Alchemy Ventures pays $5.2M for mixed-use building in Park Slope

Alchemy Ventures through the entity Keystone 668 President LLC paid $5.2 million to the entity 668 President Street Associates LLC for three-unit mixed-use building (S9) at 225 5th Avenue in Park Slope, Brooklyn.
The deal closed on October 6, 2021 and was recorded on October 27, 2021.
The property has 5,240 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $982 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 seller bought the property on December 17, 2014, for $3.8 million.
The signatory for Jourdan E. Krauss was Jourdan E. Krauss. The signatory for Alchemy Ventures was Samuel Kooris.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $111,475.
Samuel Kooris is co-founder and principal of Alchemy Ventures.
The former owners according to the Department of Housing Preservation and Development included Sari Ancona, head officer and Steven Ancona, officer. The business entity was 668 President Street Associates, Llc.

Within a 400-foot radius of 225 5th Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on December 20, 2019 for the $1.1 million renovation of 13,520-square-foot R-2 building with seven residential units at 207 5th Avenue.
One of those four items was a sale which Urban Standard Capital bought the 5,559-square-foot, one-unit mixed-use building (K2) on 207 5th Avenue for $8.5 million from Barrett Design on May 26, 2021.
Of those four items, two were loans above $5 million totaling $13.4 million. The most recent of the two was Frances Gorga which borrowed $5.2 million from Hirshmark Capital secured by the 10,400-square-foot, five-unit rental (D9) on 641 President Street and six other properties on June 4, 2021.

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