Eye On Real Estate
By Lore Croghan
Brooklyn Daily Eagle
The last remnants of a Fifth Avenue institution, Aaron's Fine Ladies Apparel, are going, going, gone.
Howard Mankin is selling the building at 623-629 Fifth Ave. in Park Slope that housed the discount designer clothing store his father and grandfather operated for four decades before its 2007 closing.
The listing price is $14.85 million. The property is a development site with up to 40,650 buildable square feet.
Sales agent Saber Mostafa of Towne House Properties confirmed that info in a StreetEasy.com listing is up-to-date, but said he couldn't speak about the sale process.
After Aaron's closed, Mankin told The Brooklyn Paper he was going to rent out the property, and eventually tear it down and build apartments himself.
Mostafa reveal that the shuttered store's parking lot – a development site with 20,000 buildable square feet at 614-618 Fifth Ave. – has been sold at close to its $4.5 million asking price.
The deed for the $4.25 million sale, which was recorded in December, identifies the purchasers as a trio of LLCs. Two of them are headed by Nicholas Malafis and Ioannis Glyptis, who own buildings on nearby Third and Seventh avenues, online records indicate. The seller was Aaron's Parking LLC, an entity of Mankin's.
The buyers haven't divulged their development plans, but could go residential or commercial, Mostafa said. The two investors did not return a call by deadline. Nor did Mankin.
Another vacant Park Slope Fifth Avenue BID property – 391 Fifth Ave. – is also being sold, owner Chiu-Kun Wu, 39, told Eye on Real Estate. She bought the row house – which is a rare eyesore on the Park Slope thoroughfare – for $600,000 in a city auction in 2003. Her plans to tear it down and construct a seven-story, two-unit residential building came to naught.
“I was young; I had these dreams of building big,” she said. “For financial reasons, I decided not to build.”