Slope Asset Management pays $2M for 6-unit walkup in South Slope
Slope Asset Management through the entity 1671 Eighth Bk, LLC paid $2 million to Ludovik Benedek through the entity 1671 Associates LLC for the six-unit residential walkup building (C2) at 1671 8th Avenue in South Slope, Brooklyn.
The deal closed on April 8, 2024 and was recorded on April 16, 2024. The property has 3,750 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $533 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 September 11, 2013, for $1.3 million. The signatory for Ludovik Benedek was Ludovik Benedek. The signatory for Slope Asset Management was Ariel Akkad. The contract date was April 4, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Slope Asset Management purchased four properties in four transactions for a total of $11.8 million and has no record it sold any properties over the past 24 months.
The seller Ludovik Benedek 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 Ludovik Benedek, head officer and Roberto Lopez, site manager. The business entity is 1671 Associates Llc.
The property
The residential walkup building with 6 residential units in South Slope has 3,750 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 74 feet deep with a total lot size of 1,863 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 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 one DOB violation 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 block
On this tax block, PincusCo has identified the owners of 12 of the 33 commercial properties representing 67,516 square feet of the 174,146 square feet. The largest owner is Sally Frishberg, followed by Kimberlie Imhof and then Kai Man Ng.
On the tax block, there was one new building construction project filed totaling 5,375 square feet. It is a five-unit, 5,375 square-foot residential (R-2) building submitted by Marc Freud with plans filed March 2, 2020 and permitted December 26, 2023.
The majority, or 84 percent of the 174,146 square feet of built space are walkup buildings, with mixed-use buildings next occupying 16 percent of the space.
The seller
The PincusCo database currently indicates that Ludovik Benedek owned at least one commercial property in New York City with 20,156 square feet and a city-determined market value of 0.0. (Market value is typically about 50% of actual value.) The portfolio has $7.3 million in debt, borrowed from Signature Bank. The portfolio consists of at least a single K4 property. It is located in Brooklyn.
The buyer
The PincusCo database currently indicates that Slope Asset Management owned at least seven commercial properties with 14 residential units in New York City with 23,375 square feet and a city-determined market value of $12 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 83 percent of the 23,375 square feet of built space are mixed-use properties, with office properties next occupying 17 percent of the space. They are all located in Brooklyn.
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