Park Slope dentists pay $4.4M for retail in Park Slope

The owners of Park Slope Dental Arts through the entity Park Slope 404, LLC paid $4.4 million to Arthur Kimmel for the retail building (K2) at 404 5th Avenue in Park Slope, Brooklyn. The expected use is owner-occupied.
The deal closed on December 30, 2024 and was recorded on February 21, 2025. The property has 6,400 square feet of built space and 3,200 square feet of additional air rights for a total buildable of 9,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $687 and the price per buildable square foot is $458 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 Arthur Kimmel was Arthur Kimmel. The signatories for Park Slope Dental Arts were brothers Edward Lee and Richard Lee. The contract date was November 1, 2024. Edward and Richard Lee are dentists who founded Park Slope Dental Arts.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Park Slope Dental Arts had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Arthur Kimmel had not purchased any other properties and had not sold any properties over the same time period. The 6,400-square-foot property generated revenue of $293,888 or $46 per square foot, according to the most recent income and expense figures.

The property

The retail building in Park Slope has 6,400 square feet of built space and 3,200 square feet of additional air rights for a total buildable of 9,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 80 feet deep with a total lot size of 3,200 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 $1.4 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 $1,150 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 Park Slope, The bulk, or 36 percent of the 9.8 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space. In sales, Park Slope has 2.8 times the average sales volume among other neighborhoods with $744.3 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 824,516 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 16 commercial properties representing 4,125 square feet of the 121,266 square feet. The identified owner is Deborah Rennie-Walker.
There are no active new building construction projects on this tax block.

The majority, or 36 percent of the 121,266 square feet of built space are specialty buildings, with mixed-use buildings next occupying 29 percent of the space.

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