Buyer at address of architecture firm pays $4.1M for likely dev site in Prospect Lefferts Gardens

The entity Triple Carousel LLC, with an address at the offices of the Greenpoint architecture firm Archimaera, paid $4.1 million to John Barrett Jr. through the entity 504 Flatbush Avenue, Inc. for the five-unit mixed-use building (S9) at 504 Flatbush Avenue in Prospect Lefferts Gardens, Brooklyn. The expected use is ground up development.
The deal closed on May 29, 2025 and was recorded on June 2, 2025. The property has 7,200 square feet of built space and 13,058 square feet of additional air rights for a total buildable of 20,234 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $569 and the price per buildable square foot is $202 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 John Barrett Jr. was John Barrett Jr.. The contract date was May 29, 2025. The Barrett family has had a stake in the property since 1976.

The property

The mixed-use building with 5 residential units in Prospect Lefferts Gardens has 7,200 square feet of built space and 13,058 square feet of additional air rights for a total buildable of 20,234 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 123 feet deep with a total lot size of 5,882 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $5 million money judgment concerning a contract filed on November 9, 2024, by Garbo & Company and Yaniv Garbo against John Barrett. In addition, according to city public data, the property has received one DOB violation in the last year.

Development

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 Prospect Lefferts Gardens, The majority, or 55 percent of the 11.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, Prospect Lefferts Gardens has had very little sales volume relative to other neighborhoods with $93.1 million in sales volume in the last two years. For development, Prospect Lefferts Gardens has had very little major development activity relative to other neighborhoods.It had 90,617 square feet of commercial and multi-family construction under development in the last two years, which represents 0.82 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 27 commercial properties representing 168,940 square feet of the 518,140 square feet. The largest owner is Stanley Kupfer, followed by A&E Real Estate Holdings and then Elizabeth Cavalieri.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 518,140 square feet of built space are elevator buildings, with walkup buildings next occupying 14 percent of the space.

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