Omri Bar-Mashiah pays $3.8M for 4-family in Park Slope

Omri Bar-Mashiah through the entity 350 Ps LLC paid $3.8 million for the four-unit 1-4 family building (C3) at 350 6th Avenue in Park Slope, Brooklyn. The expected use is cash flowing.
The deal closed on September 18, 2024 and was recorded on October 16, 2024. The property has 4,125 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $909 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 seller was Patricia Siconolfi. The signatory for Omri Bar-Mashiah was Omri Bar-Mashiah. The contract date was July 1, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Omri Bar-Mashiah purchased two properties in two transactions for a total of $4.7 million and sold one property in one transaction for a total of $2.1 million over the past 24 months.
The seller Patricia Siconolfi 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 Patricia Siconolfi, individual owner and Anthony Siconolfi, site manager.

The property

The building with 4 residential units in Park Slope has 4,125 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 76 feet deep with a total lot size of 1,527 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 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 10 commercial properties representing 26,540 square feet of the 64,366 square feet. The largest owner is United Management, followed by Myron Levine and then Rao Lingampalli.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 64,366 square feet of built space are mixed-use buildings, with walkup buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Omri Bar-Mashiah owned at least six commercial properties with 18 residential units in New York City with 14,832 square feet and a city-determined market value of $13.4 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from Bayport Funding and Toorak Capital Partners. Within the portfolio, the bulk, or 51 percent of the 14,832 square feet of built space are B3 properties, with C3 properties next occupying 28 percent of the space. They are all located in Brooklyn.

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