Peak Capital Advisors pays $4.3M for mixed-use in Park Slope

Peak Capital Advisors through the entity 51 5th Owner LLC paid $4.3 million to Wilfredo Garrastegui and Gladys Garrastegui for the six-unit mixed-use building (S5) at 51 5th Avenue in Park Slope, Brooklyn.

Peak Capital Advisors is one of the city’s most active buyers of multifamily properties.
The deal closed on April 22, 2024 and was recorded on April 24, 2024. The property has 6,316 square feet of built space and 1,482 square feet of additional air rights for a total buildable of 7,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $676 and the price per buildable square foot is $548 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 Wilfredo Garrastegui and Gladys Garrastegui was Wilfredo Garrastegui and Gladys Garrastegui. The signatory for Peak Capital Advisors was Alex Rabin. The contract date was March 3, 2023.
Alpha Realty’s Lev Mavashev and Ben Normatov brokered the deal.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Peak Capital Advisors purchased 25 properties in 23 transactions for a total of $137.8 million and sold one property in one transactions for a total of $16.5 million over the past 24 months.
The seller Wilfredo Garrastegui 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 Gladys Garrastegui, joint owner and Wilfredo Garrastegui, joint owner.

The property

The mixed-use building with 6 residential units in Park Slope has 6,316 square feet of built space and 1,482 square feet of additional air rights for a total buildable of 7,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,600 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 $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 $620 in ECB penalties and $620 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 2.9 times the average sales volume among other neighborhoods with $818.4 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 559,294 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 17 of the 42 commercial properties representing 85,306 square feet of the 215,111 square feet. The largest owner is Robert Brenner, followed by Mohammed Esa and then Michael Pintchik Member.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 215,111 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Peak Capital Advisors owned at least 46 commercial properties with 429 residential units in New York City with 385,872 square feet and a city-determined market value of $117.9 million. (Market value is typically about 50% of actual value.) The portfolio has $127.9 million in debt, with top three lenders as Amalgamated Bank, Prime Finance, and Prime Finance Partners respectively. Within the portfolio, the bulk, or 80 percent of the 385,872 square feet of built space are walkup properties, with mixed-use properties next occupying 11 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 30 percent of the space.
Updated: The brokers were added.

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