Derby Copeland Capital pays $4.5M to Ironstone Partners for mixed-use building in Park Slope

Derby Copeland Capital through the entity Derby Sloped 240, LLC paid $4.5 million to Ironstone Partners through the entity 240 Flatbush LLC for the three-unit mixed-use building at 240 Flatbush Avenue in Park Slope, Brooklyn.
The deal closed on January 20, 2022 and was recorded on March 3, 2022.
The property has 4,496 square feet of built space and 1,325 square feet of additional air rights for a total buildable of 5,828 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,000 and the price per buildable square foot is $772 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 June 21, 2019, for $3.2 million.
The signatory for Ironstone Partners was Morwin Schmookler. The signatory for Derby Copeland Capital was Jesse Hutcher.
Prior to this transaction, the buyer Derby Copeland Capital purchased two properties in two transactions for a total of $8.8 million and had not sold any properties over the past 24 months.
The seller Ironstone Partners had not purchased any other properties and had not sold any properties over the same time period.

Ironstone Partners is located at the same address as seller LLC.  Derby Copeland Capital is located at the same address as buyer LLC.
In Park Slope, the bulk, or 43 percent of the 26 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 14 percent of the space. In sales, Park Slope has 1.3 times the average sales volume among other neighborhoods with $370.1 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Park Slope has near average amount of major developments among other neighborhoods and is the 22nd highest in Brooklyn. It had 784,980 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 56 percent of the 276,779 square feet of built space are mixed-use buildings, with residential walkup buildings next occupying 22 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Jane Upton, head officer and Carlos Cardona, site manager. The business entity was 240 Flatbush Llc.
Within a 400-foot radius of 240 Flatbush Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on July 9, 2021 for the $250,000 renovation of 4,478-square-foot J-2 building with four residential units at 84 6th Avenue.
One of those five items was a sale which United Elite Group bought the 5,995-square-foot, six-unit retail building (K1) on 250 Flatbush Avenue for $7.5 million from Matthew Pintchik and Michael Pintchik on February 22, 2022.
Of those five items, three were loans above $5 million totaling $340.2 million. The most recent of the three was Resk Ali which borrowed $7.5 million from New York Community Bank secured by the 3,840-square-foot, seven-unit mixed-use building (S5) on 475 Bergen Street and three other properties on July 8, 2021.

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