HH Equities pays $3.6M for mixed-use in Park Slope

HH Equities through the entity 80 Seventh Bk, LLC paid $3.6 million for the three-unit mixed-use building (S3) at 80 7th Avenue in Park Slope, Brooklyn. The expected use is cash flowing.
The deal closed on October 31, 2024 and was recorded on November 12, 2024. The property has 6,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $570 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 the seller was Lars Jensen and Eric Jensen. The signatory for HH Equities was Ariel Akkad. The contract date was February 22, 2024.

The property

The mixed-use building with three residential units in Park Slope has 6,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Park Slope Historic District. The city-designated market value for the property in 2022 is $2.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received four housing violations and $50 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 $1 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 2.9 times the average sales volume among other neighborhoods with $729.3 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 764,188 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 17 commercial properties representing 33,475 square feet of the 95,775 square feet. The largest owner is Aleksandra Scepanovic, followed by Renate Jensen and then Gallo Chionchio Josephine.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 95,775 square feet of built space are mixed-use buildings, with walkup buildings next occupying 40 percent of the space.

The buyer

The PincusCo database currently indicates that HH Equities owned at least two commercial properties in New York City with 42,772 square feet and a city-determined market value of $13.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 42,772 square feet of built space are office properties, with W2 properties next occupying 25 percent of the space. The bulk, or 75 percent of the built space, is in Manhattan, with Brooklyn next at 25 percent of the space.

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