Pediatrician pays $3.2M to Poulakakos family for two mixed-use properties in Bay Ridge

Hanan Salman, who owns a pediatrics center, through the entity 7107-11 5th Ave Realty LLC paid $3.2 million to the Peter Poulakakos family through the entity 7111 Fifth LLC for mixed-use building (K4) at 7111 5th Avenue in Bay Ridge, Brooklyn and two-unit mixed-use building (S2) at 7107 5th Avenue in Bay Ridge, Brooklyn.
The deal closed on February 22, 2023 and was recorded on March 9, 2023. The two properties have 6,730 square feet of built space and 64 square feet of additional air rights according to PincusCo analysis of city data. The sale price per built square foot is $475 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 Peter Poulakakos family was Stuart E. Nahas. The signatory for Hanan Salman was Hanan Salman. The Poulakakos family runs Harry’s Restaurant Group, a hospitality company, founded by Harry Poulakakos. The family also operated under HPH. Hanan Salman operates a pediatrics center.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 7111 5th Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Hanan Salman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Poulakakos 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 Peter Poulakakos, head officer and Poulakakos 2011 Family Trust, officer. The business entities are V Capital Management, Llc and 7111 Fifth Llc. Out of the two properties, one with a total of 6,730 square feet of built space generated revenue of $146,543 per year.

The property

The 7111 5th Avenue parcel has frontage of 19 feet and is 75 feet deep with a total lot size of 1,423 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 $576,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $50 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 $5 million on this tax lot.

The neighborhood

In Bay Ridge, the bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has 1.7 times the average sales volume among other neighborhoods with $575.7 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 267,978 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 7111 5th Avenue, PincusCo has identified the owners of seven of the 29 commercial properties representing 39,230 square feet of the 135,903 square feet. The largest owner is Timothy M. Collins, followed by Nicola Pinto and then Goutsios Apostolos.
There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 135,903 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Peter Poulakakos owned at least one commercial property in New York City with 3,632 square feet and a city-determined market value of $949,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.

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