United Elite Group pays $9.7M for retail building and air rights in Park Slope
United Elite Group paid $9.7 million to Matthew Pintchik and Michael Pintchik for a retail building in Park Slope and air rights, in two separate transactions.
In the first, United Elite Group through the entity 250 Flatbush, LLC paid $7.5 million to Matthew Pintchik and Michael Pintchik through the entity Mbp 250-258 Flatbush TIC LLC for retail building at 250 Flatbush Avenue in Park Slope, Brooklyn.
The deal closed on February 3, 2022 and was recorded on February 22, 2022.
The property has 5,995 square feet of built space and 17,985 square feet of additional air rights for a total buildable of 23,980 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,257 and the price per buildable square foot is $314 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 February 14, 2006, for $4.6 million.
The signatory for Matthew Pintchik and Michael Pintchik was Matthew Pintchik and Michael Pintchik. The signatory for United Elite Group was Tolib Mansurov.
The 5,995-square-foot property generated revenue of $391,833 or $65 per square foot, according to the most recent income and expense figures.
Tolib Mansurov is the founder and CEO of United Elite Group.
Direct link to Acris document. link
In the second transaction for air rights, United Elite Group through the entity 250 Flatbush, LLC paid $2.2 million to Matthew Pintchik and Michael Pintchik through the entity Mbp 248 Flatbush Tic LLC for air rights from the retail building at 248 Flatbush Avenue in Park Slope, Brooklyn.
The deal closed on February 3, 2022 and was recorded on February 22, 2022.
The signatory for Matthew Pintchik and Michael Pintchik was Matthew Pintchik and Michael Pintchik. The signatory for United Elite Group was Tolib Mansurov.
The development rights were sold to the same buyers as the property.
In Park Slope, the bulk, or 43 percent of the 26 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 14 percent of the space. In sales, Park Slope has 1.3 times the average sales volume among other neighborhoods with $370.1 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Park Slope has near average amount of major developments among other neighborhoods and is the 22nd highest in Brooklyn. It had 784,980 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 34 percent of the 101,745 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 20 percent of the space.
Within a 400-foot radius of 250 Flatbush Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $250,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $425,000. The most recent of these two items was the filing on July 9, 2021 for a 4,478-square-foot J-2 building with four residential units at 84 6th Avenue.
Of those four items, two were loans above $5 million totaling $14.7 million. The most recent of the two was Greenbrook Partners which borrowed $6 million from MP Real Estate Capital secured by the 2,860-square-foot, four-unit four-family building (C3) on 114 Prospect Place and one other property on December 30, 2021.
Direct link to Acris document. link