Pedro Diaz pays $2.2M for retail in Bay Ridge

Pedro Diaz through the entity 7918 Realty LLC paid $2.2 million to Charles Park through the entity S K P Realty Corp for the retail building (K2) at 7918 3rd Avenue in Bay Ridge, Brooklyn.
The deal closed on April 18, 2023 and was recorded on May 3, 2023. The property has 12,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $183 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 Charles Park was Charles Park. The signatory for Pedro Diaz was Pedro Diaz.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Pedro Diaz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Charles Park had not purchased any other properties and had not sold any properties over the same time period. The 12,000-square-foot property generated revenue of $256,643 or $21 per square foot, according to the most recent income and expense figures.

The property

The retail building in Bay Ridge has 12,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 5,999 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 $1 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 $420 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 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 $590 million in sales volume in the last two years and is the 10th 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.

The block

There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 54,165 square feet of built space are walkup buildings, with mixed-use buildings next occupying 30 percent of the space.

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