Salvatore Hoo buys 75% stake in Brooklyn mixed-use valued at $11.2M from Black Bear Asset Management

Salvatore Hoo through the entity 1249 Avenue U Realty Corp. bought a 75 percent stake from Black Bear Asset Management through the entity 226 7th Ave Investors LLC in the six-unit mixed-use building (S9) at 226 Seventh Avenue in Park Slope, Brooklyn and the six-unit mixed-use building (S9) at 400 Seventh Avenue in South Slope, Brooklyn, valued at $11.2 million. The expected use is cash flowing.
The deal closed on March 6, 2026 and was recorded on March 16, 2026. The two properties have 13,200 square feet of built space and 2,058 square feet of additional air rights for a total buildable of 15,258 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $844 and the price per buildable 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 Black Bear Asset Management was Arthur D. Bellini. The signatory for Salvatore Hoo, Black Bear Asset Management , and Jonathan Sanchez was Salvatore Hoo, Arthur D. Bellini, and Jonathan Sanchez. The contract date was December 19, 2025. Arthur Bellini’s Black Bear sold a 75 percent stake on the two properties to two Salvatore Hoo entities, and Black Bear kept 25 percent through an entity shared with Jonathan Sanchez, who signed a contract assignment.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Salvatore Hoo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Black Bear Asset Management 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 Art Bellini, head officer and Mark Levine, officer. The business entities are Choice Ny Management and 226 7th Avenue Investors Llc.

The property

The mixed-use building with 6 residential units in Park Slope has 13,200 square feet of built space and 2,058 square feet of additional air rights for a total buildable of 15,258 square feet according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 88 feet deep with a total lot size of 2,640 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 $4 million.

Transaction Participants

Alfred Polizzotto, III at Polizzotto & Polizzotto, LLC participated in the transaction on behalf of the buyer .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 14 housing violations and $870 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 2.7 times the average sales volume among other neighborhoods with $868.2 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There were 28 pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 226 Seventh Avenue, PincusCo has identified the owners of three of the eight commercial properties representing 17,582 square feet of the 50,618 square feet. The largest owner is Chun Yuk Lee, followed by Maryse Costantino and then Lillian Anello.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 50,618 square feet of built space are mixed-use buildings, with walkup buildings next occupying 48 percent of the space.

The seller

The PincusCo database currently indicates that Black Bear Asset Management owned at least three commercial properties with 56 residential units in New York City with 31,533 square feet and a city-determined market value of $8.5 million. (Market value is typically about 50% of actual value.) The portfolio has $137.5 million in debt, borrowed from Morgan Stanley and Principal Life Insurance Company. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

The buyer

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