Gazit Horizons pays $17.2M to Botsaris Morris Realty for retail in South Slope

Gazit Horizons through the entity Gh (555 Park Slope) LLC paid $17.2 million to Botsaris Morris Realty through the entity Fifteenth And Fifth LLC for a retail building (K2) at 555 5th Avenue in South Slope, Brooklyn.
The deal closed on December 17, 2021 and was recorded on December 30, 2021.
The property has 20,000 square feet of built space and 2,058 square feet of additional air rights for a total buildable of 22,050 square feet according to PincusCo analysis of city data. The sale price per built square foot is $862 and the price per buildable square foot is $782 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 October 23, 2015, for $5.2 million.
The signatory for Botsaris Morris Realty was Guy Morris and Nancy A. Green. The signatory for Gazit Horizons was company CEO Jeff Mooallem and CIO Alison Lies.
(321549570)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 22, 2020.

Within a 400-foot radius of 555 5th Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on July 31, 2020 for the $323,000 renovation of a building with five residential units at 538 5th Avenue.
One of those two items was a loan which Tonka Realty borrowed $5 million from Republic First Bank secured by the 4,000-square-foot, two-unit mixed-use building (K4) on 524 5th Avenue and one other property on May 26, 2021.

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