Goodman Capital acquires mixed-use in Park Slope valued at $2.1M in foreclosure

Goodman Capital through the entity GC Park Slope LLC acquired from Martin Tisoc’s foreclosed entity the two-unit mixed-use building (S2) at 392 5th Avenue in Park Slope, Brooklyn. Goodman Capital was the previous lender on the property.
The deal closed on February 7, 2023 and was recorded on February 14, 2023.The property has 2,640 square feet of built space and 3,462 square feet of additional air rights for a total buildable of 6,111 square feet according to PincusCo analysis of city data. The sale price per built square foot is $795 and the price per buildable square foot is $343 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 Martin Tisoc foreclosed was Jeffrey H. Schwartz. The signatory for Goodman Capital was Eric Goodman. Goodman Capital was the prior lender.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Goodman Capital purchased one properties in one transactions for a total of $25 million and sold one properties in one transactions for a total of $2.5 million over the past 24 months.
The seller Martin Tisoc foreclosed had not purchased any other properties and had not sold any properties over the same time period.

The property

The 392 5th Avenue parcel has frontage of 22 feet and is 80 feet deep with a total lot size of 2,037 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 $2.1 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 $125 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 36 percent of the 9.8 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space. In sales, Park Slope has 2 times the average sales volume among other neighborhoods with $682.5 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 461,314 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 27 commercial properties representing 127,005 square feet of the 212,854 square feet. The largest owner is Matthew Beer, followed by Mary Mattner and then Marc Goldberger.
there are no active new building construction projects on this tax block.

the majority, or 45 percent of the 212,854 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

The buyer

The PincusCo database currently indicates that Goodman Capital owned at least one commercial property in New York City with 12,321 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio has $20 million in debt, borrowed from Goodman Capital. The portfolio consists of at least a single elevator property. It is located in Manhattan.

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