Slope Asset Management pays $2.7M to Goodman Capital for mixed-use in Park Slope

Slope Asset Management through the entity 392 Fifth Bk, LLC paid $2.7 million to Goodman Capital through the entity Gc Park Slope, LLC for the two-unit mixed-use building (S2) at 392 5th Avenue in Park Slope, Brooklyn.
The deal closed on January 31, 2024 and was recorded on February 9, 2024. The property has 2,640 square feet of built space and 3,461 square feet of additional air rights for a total buildable of 6,108 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,013 and the price per buildable square foot is $437 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 seller bought the property on February 7, 2023, for $2.1 million. The signatory for Goodman Capital was Eric Goodman. The signatory for Slope Asset Management was Ariel Akkad. The contract date was January 31, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Slope Asset Management purchased three properties in three transactions for a total of $9.2 million and has no record it sold any properties over the past 24 months.
The seller Goodman Capital purchased one property in one transaction for a total of $2.1 million and sold one property in one transaction for a total of $2.5 million over the same time period.

The property

The mixed-use building with 2 residential units in Park Slope has 2,640 square feet of built space and 3,461 square feet of additional air rights for a total buildable of 6,108 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 80 feet deep with a total lot size of 2,036 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 $2.3 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.

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 2.8 times the average sales volume among other neighborhoods with $838.9 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 498,069 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 13 of the 27 commercial properties representing 141,600 square feet of the 212,854 square feet. The largest owner is Matthew Beer, followed by Mary Mattner and then Marc Goldberger.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 212,854 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Goodman Capital owned at least two commercial properties with 22 residential units in New York City with 14,961 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) The portfolio has $20 million in debt, borrowed from Goodman Capital. Within the portfolio, the bulk, or 82 percent of the 14,961 square feet of built space are elevator properties, with mixed-use properties next occupying 18 percent of the space. The bulk, or 82 percent of the built space, is in Manhattan, with Brooklyn next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Slope Asset Management owned at least six commercial properties with 12 residential units in New York City with 20,735 square feet and a city-determined market value of $9.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 81 percent of the 20,735 square feet of built space are mixed-use properties, with office properties next occupying 19 percent of the space. They are all located in Brooklyn.

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