Davean Holdings pays $8M to Zipporah Goldstein for 13-unit walkup in Park Slope

Davean Holdings through the entity 704 8th Avenue LLC paid $8 million to Zipporah Goldstein through the entity 356/362 11th Street Associates LLC for 13-unit residential walkup building (C7) at 704 8th Avenue in Park Slope, Brooklyn.
The deal closed on July 14, 2022 and was recorded on July 21, 2022. The property has 13,531 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $591 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 July 2, 2015, for $10 million. The signatory for Zipporah Goldstein was Richard A. Kaplin. The signatory for Davean Holdings was David Lloyd.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Davean Holdings purchased 14 properties in 13 transactions for a total of $69.2 million and sold one properties in one transactions for a total of $2.2 million over the past 24 months.
The seller Zipporah Goldstein had not purchased any other properties and sold seven properties in six transactions for a total of $58.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Zipporah Goldstein, head officer and Edward (Josh) Gonzalez, site manager. The business entity is 358-362 11th Street Associates Llc. The 13,531-square-foot property generated revenue of $537,495 or $40 per square foot, according to the most recent income and expense figures.

The property

The 704 8th Avenue parcel has frontage of 38 feet and is 97 feet deep with a total lot size of 3,718 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property is in the Park Slope Historic District Extension. The city-designated market value for the property in 2022 is $2.9 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 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 one of the nine commercial properties representing 4,800 square feet of the 50,383 square feet. The identified owner is Joseph Volpicelli Living Trust. There are no active new building construction projects on this tax block.

the majority, or 73 percent of the 50,383 square feet of built space are mixed-use buildings, with walkup buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Davean Holdings owned at least 20 commercial properties in New York City with 158,576 square feet and a city-determined market value of $53.7 million. (Market value is typically about 50% of actual value.) The portfolio has $7.1 million in debt, borrowed from Meadow Partners. Within the portfolio, the bulk, or 56 percent of the 158,576 square feet of built space are walkup properties, with mixed-use properties next occupying 38 percent of the space. The bulk, or 56 percent of the built space, is in Manhattan, with Brooklyn next at 44 percent of the space.

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