Slope Asset signs $4.4M refi with ConnectOne for two mixed-use properties in South Slope

Slope Asset Management through the entity 502 Fifth Ave Management, LLC as borrower signed a refi loan with lender ConnectOne Bank valued at $4.4 million for two mixed-use properties with four residential units including the two-unit mixed-use building (S2) at 500A 5th Avenue and the two-unit mixed-use building (S2) at 502 5th Avenue in South Slope, Brooklyn.
The deal closed on February 11, 2026 and was recorded on February 24, 2026. The prior lender was Preferred Bank which held debt that had an original loan amount of $3.8 million.The two properties have 7,200 square feet of built space and 2,400 square feet of additional air rights for a total buildable of 9,600 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $611 and the price per buildable square foot is $458 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 Slope Asset Management was Arya Zand and Ariel Akkad . The signatory for ConnectOne Bank was Eric Flanagan .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 500A 5th Avenue.

Prior sales, articles and revenue

The owner according to the Department of Housing Preservation and Development is Jacob Selig, head officer. The business entity is 502 Fifth Ave Management Llc.

The property

The mixed-use building with 2 residential units in South Slope has 7,200 square feet of built space and 2,400 square feet of additional air rights for a total buildable of 9,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 square feet. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.4 million.

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 one DOB violation and $125 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 had very little sales volume relative to other neighborhoods with $229 million in sales volume in the last two years. For development, South Slope has had very little major development activity relative to other neighborhoods.It had 389,951 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On the tax block of 500A 5th Avenue, PincusCo has identified the owners of 12 of the 24 commercial properties representing 136,691 square feet of the 203,012 square feet. The largest owner is A&E Real Estate Holdings, followed by Tony Dipiazza and then Slope Asset Management.
On the tax block, there were three new building construction projects totaling 50,402 square feet. The largest is a 44-unit, 40,207 square-foot residential (R-2) building submitted by Procida Companies and filed by Mario Procida with plans filed July 6, 2021 and permitted June 12, 2023. The second largest is a four-unit, 5,201 square-foot residential (R-2) building submitted by Robert Huth and filed by Zafaranloo Cyrus with plans filed August 10, 2018 and permitted May 14, 2019.

The majority, or 82 percent of the 203,012 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Slope Asset Management owned at least eight commercial properties with 20 residential units in New York City with 27,125 square feet and a city-determined market value of $13.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 27,125 square feet of built space are mixed-use properties, with office properties next occupying 15 percent of the space. They are all located in Brooklyn.

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