Alexandra Varipapa pays $4M for 6-unit walkup in Park Slope

Alexandra Varipapa through the entity 574 5th Street LLC paid $4 million to Richard Najjar through the entity Laurice Najjar Living Trust for the six-unit residential walkup building (C2) at 574 5th Street in Park Slope, Brooklyn.
The deal closed on November 22, 2022 and was recorded on January 9, 2023. The property has 6,656 square feet of built space and 1,052 square feet of additional air rights for a total buildable of 7,701 square feet according to PincusCo analysis of city data. The sale price per built square foot is $600 and the price per buildable square foot is $519 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 Richard Najjar was Richard Najjar. The signatory for Alexandra Varipapa was Alexandra Varipapa.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Alexandra Varipapa had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Richard Najjar 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 Laurice Najjar, joint owner and James Najjar, agent.

The property

The 574 5th Street parcel has frontage of 23 feet and is 110 feet deep with a total lot size of 2,567 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property is in the Park Slope Historic District. The city-designated market value for the property in 2022 is $2.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 14 commercial properties representing 52,736 square feet of the 112,167 square feet. The largest owner is Peak Capital Advisors, followed by Nicholas Kotsonis and then Laurice Najjar Living Trust.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 112,167 square feet of built space are walkup buildings, with specialty buildings next occupying 5 percent of the space.

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