Sagos family as restaurateurs pay $3.2M for mixed-use in Park Slope

Teddy Sagos through the entity 140 7th Ave Property LLC paid $3.2 million to Peter Goldberger through the entity 140 7th Ave. Corp. for mixed-use building (K2) at 140 7th Avenue in Park Slope, Brooklyn. This is another example of a user buying a property.
The deal closed on November 16, 2022 and was recorded on November 29, 2022. The property has 3,547 square feet of built space and 4,898 square feet of additional air rights for a total buildable of 8,445 square feet according to PincusCo analysis of city data. The sale price per built square foot is $902 and the price per buildable square foot is $378 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 Goldberger was Scott Claman. The signatory for Teddy Sagos was Teddy Sagos. The Goldberger family has owned the property for decades.  Teddy Sagos is part of a restaurant group of brothers that currently occupies the property through the restaurant Da Nonna Rosa.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Teddy Sagos had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Goldberger had not purchased any other properties and had not sold any properties over the same time period. The 3,547-square-foot property generated revenue of $189,169 or $53 per square foot, according to the most recent income and expense figures.

The property

The 140 7th Avenue parcel has frontage of 25 feet and is 111 feet deep with a total lot size of 2,815 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 $881,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has 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 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 1.8 times the average sales volume among other neighborhoods with $624.6 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 466,647 square feet of commercial and multi-family construction under development in the last two years, which represents 5 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 two of the 17 commercial properties representing 13,900 square feet of the 112,072 square feet. The two identified owners are Athineos Enterprises and Joseph Michael.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 112,072 square feet of built space are mixed-use buildings, with walkup buildings next occupying 23 percent of the space.

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