Minerva Development pays $2.9M for 4-family in Park Slope

Minerva Development through the entity 373 Ps LLC paid $2.9 million through an estate sale to Alice Christie for the four-unit building (C3) at 373 3rd Street in Park Slope, Brooklyn. The expected use is cash flowing.
The deal closed on March 28, 2025 and was recorded on April 17, 2025. The property has 3,200 square feet of built space and 2,196 square feet of additional air rights for a total buildable of 5,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $906 and the price per buildable square foot is $537 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 the estate of Alice Christie was Karen McGreal. The signatory for Minerva Development was Omri Bar-Mashiah . The contract date was October 2, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Minerva Development purchased three properties in three transactions for a total of $10.8 million and has no record it sold any properties over the past 24 months.
The seller Alice Christie 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 Sean McGreal, joint owner and Karen McGreal, joint owner. The 3,200-square-foot property generated revenue of $152,000 or $48 per square foot, according to the most recent income and expense figures.

The property

The building with 4 residential units in Park Slope has 3,200 square feet of built space and 2,196 square feet of additional air rights for a total buildable of 5,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,800 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 $1.9 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 not received any significant 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 block

On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 29,787 square feet of the 98,416 square feet. The largest owner is John Mercado, followed by I. Wolhendler and then Nicholas Devito.
On the tax block, there were two new building construction projects totaling 12,084 square feet. The largest is a one-unit, 6,196 square-foot residential (R-3) building submitted by Willam Caleo with plans filed April 19, 2023 and it has not been permitted yet. The second largest is a one-unit, 5,888 square-foot residential (R-3) building submitted by Oliver Dowling with plans filed January 23, 2023 and it has not been permitted yet.

The majority, or 88 percent of the 98,416 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Minerva Development owned at least four commercial properties with 11 residential units in New York City with 11,520 square feet and a city-determined market value of $12.5 million. (Market value is typically about 50% of actual value.) The portfolio has $9.8 million in debt, borrowed from S3 Capital and SDB. Within the portfolio, the bulk, or 36 percent of the 11,520 square feet of built space are C0 properties, with C3 properties next occupying 23 percent of the space. They are all located in Brooklyn.

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