Ferdinand Giancola pays $9.2M to New York Equity Mgmt for 18-unit walkup in Park Slope

Ferdinand Giancola through the entity Jwfg Re LLC paid $9.2 million to New York Equity Management through the entity 211 8th Ave Group, LLC for the midblock 18-unit residential walkup building at 211 8th Avenue in Park Slope, Brooklyn.
The deal closed on January 14, 2022 and was recorded on April 18, 2022.
The property has 10,444 square feet of built space and 1,748 square feet of additional air rights for a total buildable of 12,201 square feet according to PincusCo analysis of city data. The sale price per built square foot is $880 and the price per buildable square foot is $754 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 18, 2015, for $2.6 million. The signatory for New York Equity Management was Daniel J. Lieberman. The signatory for Ferdinand Giancola was Ferdinand Giancola. Michael Kandhorov signed on the previous mortgage for the property. He is a developer with New York Equity Management which is located at the same address as the seller LLC.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Ferdinand Giancola had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller New York Equity Management had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Eduard Babaisakov, head officer and Rudy Simhaef, site manager. The business entity is 211 8 Ave Group Llc. The 10,444-square-foot property generated revenue of $375,880 or $36 per square foot, according to the most recent income and expense figures.

The property

The 211 8th Avenue parcel has frontage of 34 feet and is 117 feet deep with a total lot size of 4,067 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. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $25 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 43 percent of the 26 million square feet of commercial 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.

The block

There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 287,971 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 16 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 211 8th Avenue that occurred over the past 24 months.

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