Jackson Group pays $11M for retail in Park Slope

UPDATED, 10:05 a.m., January 7, 2025: Jackson Group through the entity 435 9th St LLC paid $11 million to the estate of Howard Pronsky through the entity 435 Ninth, LLC for retail building (O5) at 435 9th Street in Park Slope, Brooklyn.
The deal closed on October 21, 2022 and was recorded on November 3, 2022. The property has 20,036 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $549 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 Jackson Group was Gabriel Chehebar. PincusCo reported on the contract in September 2022. The executor for the estate of Howard Pronsky signed for the estate.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jackson Group purchased three properties in three transactions for a total of $4.2 million and sold two properties in two transactions for a total of $10.3 million over the past 24 months.
The estate of Howard Pronsky had not purchased any other properties and sold two properties in two transactions for a total of $4.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Marc Healy, head officer and Sara Heard, officer. The business entity is 435a Ninth St Owners Corp. The 20,036-square-foot property generated revenue of $786,012 or $39 per square foot, according to the most recent income and expense figures.

The property

The 435 9th Street parcel has frontage of 58 feet and is 71 feet deep with a total lot size of 4,147 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 Extension. The city-designated market value for the property in 2022 is $3.8 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 $700 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 1.7 times the average sales volume among other neighborhoods with $579.3 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 520,800 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 one of the 14 commercial properties representing 10,580 square feet of the 97,944 square feet. The identified owner is Pantazis Livanos.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 97,944 square feet of built space are walkup buildings, with mixed-use buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Jackson Group owned at least six commercial properties in New York City with 138,524 square feet and a city-determined market value of $28.7 million. (Market value is typically about 50% of actual value.) The portfolio has $21.8 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 88 percent of the 138,524 square feet of built space are retail properties, with mixed-use properties next occupying 12 percent of the space. They are all located in Brooklyn.

Correction: A prior version of this post had an incorrect photo of the property. The post was updated to remove a name for privacy reasons.

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