Brooklyn Home Company pays $7.5M to church for parcel in Park Slope

A Brooklyn Home Company affiliate through the entity 306 6th Ave LLC paid $7.5 million to Mission for Today Holy Tabernacle for the church building (M1) at 306 6th Avenue in Park Slope, Brooklyn.

PincusCo reported in December 2021 that an affiliate of the Brooklyn Home Company signed a contract to buy the property.
The deal closed on February 24, 2023 and was recorded on March 8, 2023. The property has 6,800 square feet of built space and 7,632 square feet of additional air rights for a total buildable of 14,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,102 and the price per buildable square foot is $520 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 Mission for Today Holy Tabernacle was Oliver Dowling. The church won a judgment of possession February 23, 2023 against a school that occupies the property as a tenant. The tenant is expected to vacate by July 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no records that the buyer Brooklyn Home Company purchased any properties and sold one property in one transactions for a total of $3.6 million over the past 24 months.

The property

The 306 6th Avenue parcel has frontage of 90 feet and is 80 feet deep with a total lot size of 7,200 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 $1.3 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 received $625 in ECB penalties and $625 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a one-unit, 5,888 square-foot R-3 building. The project was developed by Oliver Dowling with plans filed January 23, 2023 and it has not been permitted yet.

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 2 times the average sales volume among other neighborhoods with $678 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 480,420 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 15 commercial properties representing 24,579 square feet of the 98,416 square feet. The largest owner is Nicholas Devito, followed by John Mercado and then I. Wolhendler.
On the tax block, there was one new building construction project filed totaling 5,888 square feet. It is a one-unit, 5,888-square-foot R-3 building developed by Oliver Dowling with plans filed January 23, 2023 and it has not been permitted yet.

The majority, or 88 percent of the 98,416 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Brooklyn Home Company owned at least two commercial properties in New York City with 6,800 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 6,800 square feet of built space are M1 properties, with elevator properties next occupying 0 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link