Peak Capital Advisors through the entity 453 3rd Owner LLC paid $8.1 million to Naji A. Almontaser through the entity 453 3rd Street, LLC for the eight-unit residential walkup building (C1) at 453 3rd Street in Park Slope, Brooklyn.
The deal closed on June 9, 2023 and was recorded on June 20, 2023. The property has 11,092 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $730 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 Naji A. Almontaser was Naji A. Almontaser. The signatory for Peak Capital Advisors was Alex Rabin.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Peak Capital Advisors purchased 29 properties in 26 transactions for a total of $147.1 million and has no record it sold any properties over the past 24 months.
The seller Naji A. Almontaser had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Naji Almontaser, head officer. The business entity is 453 3rd Street Llc.
The residential walkup building with 8 residential units in Park Slope has 11,092 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 46 feet and is 95 feet deep with a total lot size of 4,393 square feet. 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 $2.7 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.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On this tax block, PincusCo has identified the owners of three of the 11 commercial properties representing 26,452 square feet of the 91,340 square feet. The largest owner is Starts New York Realty, followed by Shel Capital and then Ditmas Management Corp..
There are no active new building construction projects on this tax block.
The majority, or 72 percent of the 91,340 square feet of built space are walkup buildings, with mixed-use buildings next occupying 28 percent of the space.
The PincusCo database currently indicates that Peak Capital Advisors owned at least 39 commercial properties with 371 residential units in New York City with 328,967 square feet and a city-determined market value of $97.7 million. (Market value is typically about 50% of actual value.) The portfolio has $111 million in debt, with top three lenders as Amalgamated Bank, Prime Finance Partners, and Derby Copeland Capital respectively. Within the portfolio, the bulk, or 83 percent of the 328,967 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. The bulk, or 37 percent of the built space, is in Queens, with Brooklyn next at 36 percent of the space.
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