Bay Ridge diner property sells for $11M

The entity Yellowhook Realty LLC paid $11 million through an estate sale to the estate of Dimitrios Kaloidis for the retail building (K5) at 9011 3rd Avenue in Bay Ridge, Brooklyn. The property is occupied by the Bridgeview Diner.
The deal closed on July 29, 2022 and was recorded on August 5, 2024. The property has 6,600 square feet of built space and 33,045 square feet of additional air rights for a total buildable of 39,576 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,666 and the price per buildable square foot is $277 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 estate of Dimitrios Kaloidis was Edward W. Powers. The buyer signature was not legible. The contract date was June 25, 2024. The seller was in care of the Nassau County Public Administrator as temporary administrator of the estate of Dimitrios Kaloidis, who died in 2019. The estate paid $1.8 million in back taxes following Kaloidis’s death.

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 Dimitrios Kaloidis had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Bay Ridge has 6,600 square feet of built space and 33,045 square feet of additional air rights for a total buildable of 39,576 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 112 feet deep with a total lot size of 19,788 square feet. The lot is irregular. 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 $3.6 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 received $950 in OATH penalties 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 Bay Ridge, The bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has near average sales volume among other neighborhoods with $252.5 million in sales volume in the last two years and is the 26th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 343,116 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 21 commercial properties representing 15,800 square feet of the 123,255 square feet. The largest owner is Georgio Haliotis, followed by Michael Calabrese and then Pandelgus.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 123,255 square feet of built space are walkup buildings, with mixed-use buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Dimitrios Kaloidis owned at least one commercial property in New York City with 55,300 square feet and a city-determined market value of $12.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

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