Greenbrook Partners pays $4M for mixed-use building in South Slope

Greenbrook Partners through the entity 409 7 Ave, LLC paid $4 million to Arnold H. Katz and Adele M. Katz through the entity Majas LLC for six-unit mixed-use building at 409 7th Avenue in South Slope, Brooklyn.
The deal closed on January 20, 2022 and was recorded on February 8, 2022.
The property has 6,388 square feet of built space and 953 square feet of additional air rights for a total buildable of 7,338 square feet according to PincusCo analysis of city data. The sale price per built square foot is $618 and the price per buildable square foot is $538 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 Arnold H. Katz and Adele M. Katz was Arnold H. Katz and Adele M. Katz. The signatory for Greenbrook Partners was Gregory Fournier.
Prior to this transaction, the buyer Greenbrook Partners purchased 58 properties in 58 transactions for a total of $245.3 million and sold four properties in four transactions for a total of $26 million over the past 24 months.
The seller Arnold H. Katz had not purchased any other properties and had not sold any properties over the same time period.

Gregory Fournier is a managing principal of Greenbrook Partners.
In South Slope, the bulk, or 42 percent of the 9.4 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, South Slope has 1.2 times the average sales volume among other neighborhoods with $322.9 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, South Slope has had very little major development activity relative to other neighborhoods.It had 91,369 square feet of commercial and multi-family construction under development in the last two years, which represents 0.98 percent of the neighborhood’s built space.
On the tax block, the majority, or 39 percent of the 213,754 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 28 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Arnold Katz, head officer and Jennifer Katz, officer. The business entity was Majas, Llc.
Within a 400-foot radius of 409 7th Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $53.3 million. The most recent of the two was Meadow Partners which borrowed $43.5 million from Fortress Investment Group secured by the 9,577-square-foot, four-unit four-family building (C3) on 420 7th Avenue and 11 other properties on January 4, 2022.

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