Joseph Maio pays $4.7M to Witnick for mixed-use in Park Slope

Joseph Maio through the entity Karen Realty Corp. paid $4.7 million to Witnick Real Estate Partners through the entity 131 5th Partners LLC for the five-unit mixed-use building (S5) at 131 5th Avenue in Park Slope, Brooklyn.
The deal closed on April 20, 2023 and was recorded on April 24, 2023. The property has 5,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $896 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 18, 2017, for $3.2 million. The signatory for Witnick Real Estate Partners was Isaac Abraham. The signatory for Joseph Maio was Joseph Maio.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Maio had purchased any other properties and sold two properties in one transactions for a total of $4.6 million over the past 24 months.
The seller Witnick Real Estate Partners purchased 13 properties in 12 transactions for a total of $125.2 million and sold nine properties in eight transactions for a total of $34.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ramiel Benyehuda, head officer and Ramiel Ben Yehuda, site manager. The business entity is 131 5th Partners Llc.

The property

The mixed-use building with 5 residential units in Park Slope has 5,200 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 city-designated market value for the property in 2022 is $2.1 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 three housing violations 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 times the average sales volume among other neighborhoods with $693.3 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 540,781 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 61,547 square feet of built space are mixed-use buildings, with walkup buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Witnick Real Estate Partners owned at least 32 commercial properties with 554 residential units in New York City with 364,511 square feet. The portfolio has $107 million in debt, with top three lenders as Dime Community Bank, Signature Bank, and Customers Bank respectively. Within the portfolio, the bulk, or 81 percent of the 364,511 square feet of built space are walkup properties, with elevator properties next occupying 18 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Brooklyn next at 31 percent of the space.

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