Japanese firm pays $16.5M to Peak Capital for 25-unit walkup in Park Slope, last sale $10.4M

Japanese investment firm Sowa Kousan Inc. paid $16.5 million to Peak Capital Advisors through the entity 96 Sterling LLC for the 25-unit residential walkup building (C1) at 96 Sterling Place in Park Slope, Brooklyn. This is the first Peak Capital Advisors sale in at least the past two years, according to PincusCo data.
The deal closed on November 17, 2023 and was recorded on November 28, 2023. The property has 18,020 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $915 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 20, 2019, for $10.4 million. The signatory for Peak Capital Advisors was Alex Rabin. The contract date was October 18, 2023. The buyer is in care of ECA Real Estate Advisors.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sowa Kousan Inc. purchased one property in one transaction for a total of $9.5 million and has no record it sold any properties over the past 24 months.
The seller Peak Capital Advisors purchased 29 properties in 26 transactions for a total of $153.3 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Gomez, head officer and Cynthia Ramirez, agent. The business entities are Camelot Property Management Services Corp and 96 Sterling LLC.

The property

The residential walkup building with 25 residential units in Park Slope has 18,020 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Park Slope Historic District Extension II. The city-designated market value for the property in 2022 is $4.4 million. The most recent loan totaled $10.5 million and was provided by Walker & Dunlop on August 20, 2021.

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 $430 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 four of the 10 commercial properties representing 29,636 square feet of the 52,327 square feet. The largest owner is Peak Capital Advisors, followed by Madeline Poggioli and then Larry Cosares.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 52,327 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Peak Capital Advisors owned at least 40 commercial properties with 381 residential units in New York City with 342,834 square feet and a city-determined market value of $101.6 million. (Market value is typically about 50% of actual value.) The portfolio has $122.5 million in debt, with top three lenders as Amalgamated Bank, Prime Finance Partners, and Derby Copeland Capital respectively. Within the portfolio, the bulk, or 83 percent of the 342,834 square feet of built space are walkup properties, with mixed-use properties next occupying 9 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.

The buyer

The PincusCo database currently indicates that Sowa Kousan Inc. owned at least one commercial property with eight residential units in New York City with 8,370 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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