General Holdings Co. of Japan pays $4.4M for residential walkup in South Slope

The Japanese company General Holdings Co. through the entity General Holdings Co., Ltd. paid $4.4 million to Michio Fukuda for the six-unit residential walkup building (C2) at 401 12th Street in South Slope, Brooklyn.
The deal closed on March 1, 2023 and was recorded on March 16, 2023. The property has 3,798 square feet of built space and 3,700 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,158 and the price per buildable square foot is $586 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 March 5, 2014, for $4 million. The signatory for Michio Fukuda was Michio Fukuda. The signatory for General Holdings Co. was Devin Yasuda. General Holdings Co. Ltd is a subsidiary of General Co. of Japan.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer General Holdings Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michio Fukuda 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 Michio Fukuda, individual owner and Mike Ionescu, site manager.

The property

The 401 12th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $1.4 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 seven of the 18 commercial properties representing 43,662 square feet of the 103,539 square feet. The largest owner is Warren Doyle, followed by Msj and then Moshe Khoshkheraman.
On the tax block, there was one new building construction project filed totaling 7,858 square feet. It is a six-unit, 7,858-square-foot R-2 building developed by 379 12th St with plans filed April 12, 2021 and it has not been permitted yet.

The majority, or 50 percent of the 103,539 square feet of built space are walkup buildings, with mixed-use buildings next occupying 50 percent of the space.

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