Slope Asset Management pays $3.8M for mixed-use in South Slope

Slope Asset Management through the entity 350 Seventh, LLC paid $3.8 million to Georgina M. Tufano’s Gna LLC for the four-unit mixed-use building (S4) at 350 7th Avenue in South Slope, Brooklyn.
The deal closed on March 21, 2023 and was recorded on March 23, 2023. The property has 4,011 square feet of built space and 840 square feet of additional air rights for a total buildable of 4,851 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $947 and the price per buildable square foot is $783 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 the buyer was Ariel Akkad.

Prior sales and revenue

The former owner according to the Department of Housing Preservation and Development is Georgina Tufano, head officer. The business entity is Gna,Llc.

The property

The parcel has frontage of 21 feet and is 77 feet deep with a total lot size of 1,617 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Park Slope Historic District Extension. The city-designated market value for the property in 2022 is $1.8 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 $200 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 South Slope, The bulk, or 47 percent of the 4.6 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, South Slope has near average sales volume among other neighborhoods with $368.3 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, South Slope has had very little major development activity relative to other neighborhoods.It had 257,128 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were two 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 three of the 15 commercial properties representing 10,480 square feet of the 65,416 square feet. The two identified owners are Hh Realty Equities and Meadow Partners.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 65,416 square feet of built space are mixed-use buildings, with industrial buildings next occupying 22 percent of the space.

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