Tolib Mansurov of United Elite Group through the entity 75 Fourth Ave LLC as borrower signed a loan with Castellan Capital through the entity 4th Ave & St. Marks Place Brooklyn LLC valued at $9 million for six properties with 22 residential units including the four-unit mixed-use building (S4) at 75 4th Avenue in Park Slope, Brooklyn, four-unit mixed-use building (S4) at 73 4th Avenue in Park Slope, Brooklyn, and four-unit mixed-use building (S4) at 71 4th Avenue in Park Slope, Brooklyn.
The deal closed on July 28, 2023 and was recorded on August 14, 2023. The six properties have 24,212 square feet of built space and 30,833 square feet of additional air rights for a total buildable of 55,052 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $371 and the price per buildable square foot is $163 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.)
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 75 4th Avenue.
Prior sales and revenue
Out of the six properties, one with a total of 24,212 square feet of built space generated revenue of $110,272 per year.
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 five DOB violations and $50 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
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 times the average sales volume among other neighborhoods with $708.2 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 542,370 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.
On the tax block of 75 4th Avenue, PincusCo has identified the owners of eight of the 22 commercial properties representing 33,135 square feet of the 83,491 square feet. The largest owner is Global Industries, followed by Joel Schwartz and then Joseph Merola Jr..
On the tax block, there was one new building construction project filed totaling 20,943 square feet. It is a 30-unit, 20,943 square-foot residential (R-2) building submitted by Yisroel Greenfeld with plans filed June 11, 2020 and permitted March 6, 2023.
The majority, or 87 percent of the 83,491 square feet of built space are mixed-use buildings, with walkup buildings next occupying 13 percent of the space.
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