Chun Lee pays $2.3M to Kupferman family for 8-unit walkup in Park Slope

Chun Lee through the entity 143 Fourth Ave LLC paid $2.3 million to Kupferman family through the entity Houses 143 Associates LLC for the eight-unit residential walkup building (C1) at 143 4th Avenue in Park Slope, Brooklyn. The expected use is cash flowing.
The deal closed on October 9, 2024 and was recorded on October 22, 2024. The property has 5,720 square feet of built space and 6,801 square feet of additional air rights for a total buildable of 12,521 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $402 and the price per buildable square foot is $183 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 Kupferman Family was Neil Kupferman. The signatory for Chun Lee was Chun Lee. The contract date was October 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Chun Lee purchased four properties in three transactions for a total of $7.4 million and sold one property in one transaction for a total of $44.1 million over the past 24 months.
The seller Kupferman Family had not purchased any other properties and sold three properties in three transactions for a total of $7.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Charles Kupferman, head officer and Scott Kupferman, agent. The business entities are N S K Management, Llc and Houses ”R” Us Llc.

The property

The residential walkup building with 8 residential units in Park Slope has 5,720 square feet of built space and 6,801 square feet of additional air rights for a total buildable of 12,521 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 80 feet deep with a total lot size of 2,080 square feet. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 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 $75 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 29, 2024. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 136,322 square feet of the 165,422 square feet. The largest owner is William Macklowe Company, followed by Brooklyn Home Company and then Ernest Schemitsch.
On the tax block, there were three new building construction projects totaling 197,008 square feet. The largest is a 120-unit, 123,381 square-foot residential (R-2) building submitted by Avery Hall and filed by Jesse Wark with plans filed October 10, 2017 and permitted June 8, 2022. The second largest is a 40-unit, 52,012 square-foot residential (R-2) building submitted by Avery Hall and filed by Jesse Wark with plans filed October 10, 2017 and permitted June 8, 2022.

The majority, or 38 percent of the 165,422 square feet of built space are elevator buildings, with development buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Kupferman Family owned at least three commercial properties with 25 residential units in New York City with 19,368 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Chun Lee owned at least five commercial properties with 33 residential units in New York City with 27,563 square feet and a city-determined market value of $7.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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