Comjem Associates pays $4.8M for mixed-use in Park Slope

UPDATED, 10:05 a.m., January 7, 2025: Comjem Associates through the entity 7th Slope Associates LLC paid $4.8 million to the estate of Howard Pronsky through the entity 169 Seventh, LLC for two-unit mixed-use building (K4) at 455 1st Street in Park Slope, Brooklyn.
The deal closed on July 14, 2022 and was recorded on August 4, 2022. The property has 4,816 square feet of built space and 132 square feet of additional air rights for a total buildable of 4,950 square feet according to PincusCo analysis of city data. The sale price per built square foot is $986 and the price per buildable square foot is $959 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 Howard Pronsky was the executor of his estate. The signatory for Comjem Associates was Adam Bayroff.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Comjem Associates had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Howard Pronsky had not purchased any other properties and sold one properties in one transactions for a total of $3.5 million over the same time period. The 4,816-square-foot property generated revenue of $401,672 or $83 per square foot, according to the most recent income and expense figures.

The property

The 455 1st Street parcel has frontage of 16 feet and is 100 feet deep with a total lot size of 1,650 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (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 since September of 2020. In addition, according to city public data, the property has received $100 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 $5 million on this tax lot.

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 1.4 times the average sales volume among other neighborhoods with $455.2 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 536,041 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing 3,756 square feet of the 42,521 square feet. The identified owner is Marc Berman.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 42,521 square feet of built space are walkup buildings, with mixed-use buildings next occupying 42 percent of the space.

The buyer

The PincusCo database currently indicates that Comjem Associates owned at least six commercial properties in New York City with 142,732 square feet and a city-determined market value of $28.8 million. (Market value is typically about 50% of actual value.) The portfolio has $59.4 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 35 percent of the 142,732 square feet of built space are retail properties, with office properties next occupying 33 percent of the space. The bulk, or 37 percent of the built space, is in Manhattan, with Queens next at 35 percent of the space.

Updated: The post was updated to remove a name for privacy reasons.

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