Minerva Development pays $2.4M for 2-family in South Slope

Minerva Development through the entity 524 Ps LLC paid $2.4 million to the estate of Marion Dolores Smith for the two-unit building (B9) at 524 11th Street in South Slope, Brooklyn. The expected use is cash flowing.
The deal closed on October 28, 2024 and was recorded on December 3, 2024. The property has 2,322 square feet of built space and 1,585 square feet of additional air rights for a total buildable of 3,916 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,012 and the price per buildable square foot is $600 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 Marion Dolores Smith was Frederick Monia. The signatory for Minerva Development was Yevgeny Tsyngauz. The contract date was May 14, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Minerva Development purchased two properties in two transactions for a total of $8.5 million and has no record it sold any properties over the past 24 months.
The seller Marion Dolores Smith had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 2 residential units in South Slope has 2,322 square feet of built space and 1,585 square feet of additional air rights for a total buildable of 3,916 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 1,958 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. The city-designated market value for the property in 2022 is $2.9 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 $600 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 24 commercial properties representing 33,882 square feet of the 168,974 square feet. The largest owner is Meridian Properties, followed by Firebird Grove and then Anthony Licatesi.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 168,974 square feet of built space are walkup buildings, with industrial buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that Minerva Development owned at least two commercial properties with seven residential units in New York City with 6,814 square feet and a city-determined market value of $8.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 6,814 square feet of built space are C0 properties, with C3 properties next occupying 39 percent of the space. They are all located in Brooklyn.

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