Tsukaki Co. pays $16.8M for 25-unit walkup in Park Slope, last sold 6 months ago

Japan-based Tsukaki Co., Ltd. paid $16.8 million to Sowa Kousan Inc. for the 25-unit residential walkup building (C1) at 96 Sterling Place in Park Slope, Brooklyn.
The deal closed on June 27, 2024 and was recorded on July 8, 2024. The property has 18,020 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $929 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 November 17, 2023, for $16.5 million. The signatory for Sowa Kousan Inc. was William Crable. The signatory for Tsukaki Co., Ltd. was William Crable. The contract date was May 14, 2024. The buyer also purchased a walkup in the East Village in 2021. Both buyer and seller are in care of Efficiency Capital Advisors, a real estate advisory firm.  The seller bought the property in November 2023 for $16.5 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tsukaki Co., Ltd. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sowa Kousan Inc. purchased two properties in two transactions for a total of $26 million and had not sold any properties over the same time period.

The property

The residential walkup building with 25 residential units in Park Slope has 18,020 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Park Slope Historic District Extension II. The city-designated market value for the property in 2022 is $4.4 million. The most recent loan totaled $10.5 million and was provided by Walker & Dunlop on August 20, 2021.

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 nine housing 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 block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 29,636 square feet of the 52,327 square feet. The largest owner is Sowa Kousan Inc., followed by Madeline Poggioli and then Larry Cosares.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 52,327 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Sowa Kousan Inc. owned at least two commercial properties with 33 residential units in New York City with 26,390 square feet and a city-determined market value of $9.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 68 percent of the built space, is in Brooklyn, with Manhattan next at 32 percent of the space.

The buyer

The PincusCo database currently indicates that Tsukaki Co., Ltd. owned at least one commercial property with nine residential units in New York City with 9,992 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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