Jade Century Properties pays $9M to Canvas for 22-unit walkup in Park Slope

Jade Century Properties through the entity JCP Holding I LLC paid $9 million to Canvas Property Group through the entity MCap 286 Fifth LLC for the 22-unit residential walkup building (C1) at 286 5th Avenue in Park Slope, Brooklyn. The expected use is cash flowing.
The deal closed on May 20, 2025 and was recorded on June 3, 2025. The property has 11,137 square feet of built space and 924 square feet of additional air rights for a total buildable of 12,060 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $808 and the price per buildable square foot is $746 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 December 13, 2017, for $8.3 million. The signatory for Canvas Property Group was Robert Morgenstern . The signatory for Jade Century Properties was Xiaorong Zhai . The contract date was April 10, 2025. Morgenstern acquired this property through Morgenstern Capital. Canvas Property Group was created in May 2018.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jade Century Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Canvas Property Group purchased four properties in two transactions for a total of $217.3 million and sold five properties in two transactions for a total of $37.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Morgenstern, head officer and Sabir Salem, site manager. The business entities are Canvas Property Group and Mcap 286 Fifth. The 11,137-square-foot property generated revenue of $899,308 or $81 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 22 residential units in Park Slope has 11,137 square feet of built space and 924 square feet of additional air rights for a total buildable of 12,060 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 97 feet deep with a total lot size of 4,020 square feet. The lot is irregular. 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 $3.5 million. The most recent loan totaled $7 million and was provided by Signature Bank on July 7, 2020.

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 $2,150 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 block

On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 85,721 square feet of the 138,992 square feet. The largest owner is Prd Realty, followed by Robert Morgenstern and then Nicholas Kotsonis.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 138,992 square feet of built space are industrial buildings, with walkup buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Canvas Property Group owned at least five commercial properties with 254 residential units in New York City with 180,493 square feet and a city-determined market value of $66.5 million. (Market value is typically about 50% of actual value.) The portfolio has $95.4 million in debt, borrowed from Tokyu Land Corporation and Greystone & Co.. Within the portfolio, the bulk, or 70 percent of the 180,493 square feet of built space are elevator properties, with walkup properties next occupying 30 percent of the space. The bulk, or 78 percent of the built space, is in Manhattan, with Brooklyn next at 22 percent of the space.

The buyer

The PincusCo database currently indicates that Jade Century Properties owned at least two commercial properties with 260 residential units in New York City with 551,193 square feet and a city-determined market value of $20.2 million. (Market value is typically about 50% of actual value.) The portfolio has $131 million in debt, borrowed from Jade Century Properties and East West Bank. Within the portfolio, the bulk, or 100 percent of the 551,193 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Queens.

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