United Developers pays $4.6M at auction for 2 foreclosed South Slope properties

Matthew Ahdoot’s United Developers through the entity 6th Avenue Partners 123 LLC paid $4.6 million through a judicial foreclosure for the two-unit mixed-use building (S2) at 463 6th Avenue and the two-unit mixed-use building (S9) at 461 6th Avenue in South Slope, Brooklyn. The expected use is cash flowing. The former owner was to Serabjit Singh.
The deal closed on April 10, 2025 and was recorded on April 17, 2025. The two properties have 7,500 square feet of built space and 108 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $619 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 court representing the former assets of Serabjit Singh was an attorney, Jeffrey R. Miller . The signatory for United Developers was also an attorney, Irena Shternfeld . The contract date was February 6, 2025. The case was in New York State Supreme Court in Brooklyn, index number 502876/2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer United Developers purchased 14 properties in five transactions for a total of $13.7 million and has no record it sold any properties over the past 24 months.
The seller Serabjit Singh 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 Serabjit Singh, head officer and Anne Gaudet, agent. The business entities are Management Group Of Brooklyn Llc and 461 6th Ave Llc.

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 $6,250 in ECB penalties and $6,850 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 $160.4 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 354,266 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 461 6th Avenue, PincusCo has identified the owners of four of the 15 commercial properties representing 14,491 square feet of the 65,416 square feet. The largest owner is HH Realty Equities, followed by Slope Asset Management and then 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.

The buyer

The PincusCo database currently indicates that United Developers owned at least 18 commercial properties with 14 residential units in New York City with 40,535 square feet and a city-determined market value of $9.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 69 percent of the 40,535 square feet of built space are retail properties, with mixed-use properties next occupying 12 percent of the space. The bulk, or 70 percent of the built space, is in Queens, with Bronx next at 11 percent of the space.

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