Jun Young Park pays $2.6M for mixed-use in Bedford Stuyvesant

Jun Young Park through the entity Js Dekalb LLC paid $2.6 million to Yoon Soon Paik through the entity 455 Dekalb Avenue LLC for the six-unit mixed-use building (S9) at 455 Dekalb Avenue in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on August 15, 2024 and was recorded on August 27, 2024. The property has 9,352 square feet of built space and 3,037 square feet of additional air rights for a total buildable of 12,396 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $276 and the price per buildable square foot is $208 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 Yoon Soon Paik was Yoon Soon Paik. The signatory for Jun Young Park was Jun Young Park. The contract date was November 28, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jun Young Park had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yoon Soon Paik had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Yoon Paik, head officer and Young Paik, officer. The business entity is 455 Dekalb Avenue Llc.

The property

The mixed-use building with 6 residential units in Bedford Stuyvesant has 9,352 square feet of built space and 3,037 square feet of additional air rights for a total buildable of 12,396 square feet according to a PincusCo analysis of city data. The parcel has frontage of 33 feet and is 93 feet deep with a total lot size of 3,099 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 and $100 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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 6th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.6 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.8 million 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 18 of the 23 commercial properties representing 332,380 square feet of the 397,111 square feet. The largest owner is Alma Realty, followed by Related Companies and then Maier Jankovits.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 397,111 square feet of built space are elevator buildings, with walkup buildings next occupying 28 percent of the space.

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