Omri Bar-Mashieh pays $4.3M for 5-unit walkup in Park Slope

Omri Bar-Mashieh through the entity 75 Eighth LLC paid $4.3 million to Robert Spontak and Helen Spontak for the five-unit residential walkup building (C2) at 75 8th Avenue in Park Slope, Brooklyn.
The deal closed on April 20, 2023 and was recorded on May 1, 2023. The property has 5,528 square feet of built space and 480 square feet of additional air rights for a total buildable of 6,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $777 and the price per buildable square foot is $716 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 Robert Spontak and Helen Spontak was Robert Spontak and Helen Spontak. The signatory for Minerva was Yevgeny Tsyngauz. Minerva is led by Omri Bar-Mashieh

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Omri Bar-Mashieh had purchased three other properties for $8.1 million and has no record he sold any properties over the past 24 months.
The seller Robert Spontak 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 Robert Spontak, individual owner and Helen Spontak, site manager.

The property

The residential walkup building with 5 residential units in Park Slope has 5,528 square feet of built space and 480 square feet of additional air rights for a total buildable of 6,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property is in the Park Slope Historic District. The city-designated market value for the property in 2022 is $2.3 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 nine of the 21 commercial properties representing 29,539 square feet of the 114,577 square feet. The largest owner is Nicholas Kotsonis, followed by Marc Berman and then Joseph Berman.
There are no active new building construction projects on this tax block.

Buyer

The PincusCo database currently indicates that Omri Bar-Mashiah owned at least four commercial properties with 8,187 square feet, and 6 residential units. The portfolio has $6.5 million in debt, borrowed from Bayport Funding and Toorak Capital Partners. Within the portfolio, the bulk, or 62 percent of the 8,187 square feet of built space are B3 properties, with B9 properties next occupying 38 percent of the space. They are all located in Brooklyn.

The majority, or 73 percent of the 114,577 square feet of built space are walkup buildings, with industrial buildings next occupying 17 percent of the space.

Direct link to Acris document. link