Anonymous Japan-based buyer pays $5.5M to Blake Partners for residential walkup in Park Slope

An anonymous buyer based in Japan paid $5.5 million to Blake Partners through the entity Bk Prime 311, LLC for the eight-unit residential walkup building (C1) at 311 6th Avenue in Park Slope, Brooklyn.
The deal closed on August 25, 2022 and was recorded on September 12, 2022. The property has 6,580 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $835 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 October 27, 2015, for $4 million. The signatory for Blake Partners was Elias Marcovici.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Blake Partners had not purchased any other properties and sold one properties in one transactions for a total of $7.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Moses Berkovics, head officer and Abe Freidman, site manager. The business entity is Bk Prime 311 Llc. The 6,580-square-foot property generated revenue of $231,945 or $35 per square foot, according to the most recent income and expense figures.

The property

The 311 6th Avenue parcel has frontage of 23 feet and is 97 feet deep with a total lot size of 2,299 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 19,872 square feet of the 96,610 square feet. The two identified owners are Ditmas Management Corp. and SHEL Capital.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 95,310 square feet of built space are walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Blake Partners owned at least three commercial properties in New York City with 314,757 square feet and a city-determined market value of $19.8 million. (Market value is typically about 50% of actual value.) The portfolio has $14 million in debt, borrowed from Principal Real Estate Investors. Within the portfolio, the bulk, or 96 percent of the 314,757 square feet of built space are industrial properties, with walkup properties next occupying 2 percent of the space. The bulk, or 96 percent of the built space, is in Queens, with Brooklyn next at 4 percent of the space.

Correction: A prior version of this post used a photograph of a building on Sixth Avenue in Manhattan, when in fact this property is in Brooklyn. The photo has been corrected.

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