Yuval Jacob pays $7M to Hidrock Properties for retail in South Slope

Yuval Jacob through the entity Y J Management LLC paid $7 million to Hidrock Properties through the entity 192 Ppw LLC for the retail building (K1) at 192 Prospect Park West in South Slope, Brooklyn.
The deal closed on March 22, 2024 and was recorded on March 28, 2024. The property has 4,200 square feet of built space and 8,707 square feet of additional air rights for a total buildable of 12,900 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,666 and the price per buildable square foot is $542 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 April 19, 2012, for $3.1 million. The signatory for Hidrock Properties was Abraham J. Hidary. The signatory for Yuval Jacob was Yuval Jacob. The contract date was December 29, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yuval Jacob had purchased any other properties and sold one property in one transactions for a total of $5.6 million over the past 24 months.
The seller Hidrock Properties had not purchased any other properties and sold 18 properties in 11 transactions for a total of $72.1 million over the same time period.

The property

The retail building in South Slope has 4,200 square feet of built space and 8,707 square feet of additional air rights for a total buildable of 12,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 100 feet deep with a total lot size of 3,225 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Park Slope Historic District Extension. The city-designated market value for the property in 2022 is $1.1 million.

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 $1,950 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 15, 2020. 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 $230.4 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 323,844 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 25,596 square feet of the 88,268 square feet. The two identified owners are Slate Property Group and Madison Realty Capital.
On the tax block, there was one new building construction project filed totaling 57,078 square feet. It is a 24-unit, 57,078 square-foot residential (R-2) building submitted by Joseph Ginex with plans filed April 21, 2015 and it has not been permitted yet.

The majority, or 58 percent of the 88,268 square feet of built space are walkup buildings, with specialty buildings next occupying 38 percent of the space.

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