Firebird Grove, Oculus Realty pay $2.9M for mixed-use in Park Slope

Firebird Grove and Oculus Realty through the entity Or 158 Seventh LLC paid $2.9 million to Steven Sarkisian through the entity 158 Seventh Avenue Brooklyn LLC for midblock six-unit mixed-use building at 158 Seventh Avenue in Park Slope, Brooklyn.
The deal closed on April 12, 2022 and was recorded on May 5, 2022. The property has 8,400 square feet of built space and 600 square feet of additional air rights for a total buildable of 9,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $339 and the price per buildable square foot is $316 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 Steven Sarkisian was Steven Sarkisian. The signatory for Firebird Grove and Oculus Realty was Adam Semler.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Firebird Grove had purchased 33 other properties for $179 million and has no record it sold any properties over the past 24 months.
The seller Steven Sarkisian 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 Chris Mancini, head officer and Steven Sarkisian, officer. The business entity is 158 Seventh Avenue Brooklyn Llc.

The property

The 158 Seventh Avenue parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,000 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 $3.1 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 $80 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

On this tax block, PincusCo has identified the owners of five of the 18 commercial properties representing 33,184 square feet of the 121,220 square feet. The largest owner is Greenbrook Partners, followed by WK Associates and then Fred Stahl. There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 287,964 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 29 percent of the space.

Surrounding

Within a 400-foot radius of 158 Seventh Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Carlyle Group bought the 8,960-square-foot, eight-unit rental (C1) on 441 1st Street for $8.6 million from Greenbrook Partners on January 6, 2021.
One of those two items was a loan which Carlyle Group borrowed $22 million from Invesco Real Estate secured by the 4,013-square-foot, eight-unit rental (C1) on 441 1st Street and 10 other properties on January 13, 2021.

Direct link to Acris document. link