Goldstein, Faour entities sell 36-unit Park Slope rental for $20M

The anonymous entity 575 Third Realty LLC paid $20 million to Zipporah Goldstein and Gloria Faour through the entity 575 3rd Street, LLC for the 36-unit residential elevator building (D1) at 575 3rd Street in Park Slope, Brooklyn.

The deal closed on June 27, 2022 and was recorded on July 8, 2022. The property has 32,388 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $617 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.)
Members of either the Goldstein or Faour families have owned the building since at least the 1970s. The signature for the buyer was Joshua Zelkowitz, an attorney.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Gloria Faour, head officer and Zipporah Goldstein, officer. The business entity is 575 3rd Street Llc. The 32,388-square-foot property generated revenue of $1.1 million or $33 per square foot, according to the most recent income and expense figures.

The property

The 575 3rd Street parcel has frontage of 95 feet and is 97 feet deep with a total lot size of 9,298 square feet. The lot is irregular. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5 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 received one DOB violation, $1,250 in ECB penalties, and $1,600 in OATH penalties 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 neighborhood

In Park Slope, the bulk, or 24 percent of the 14.9 million square feet of commercial built space are residential walkup buildings, with residential elevator buildings next occupying 19 percent of the space. In sales, Park Slope has 1.4 times the average sales volume among other neighborhoods with $462.7 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 515,705 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.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 40,900 square feet of the 94,571 square feet. The two identified owners are Greenbrook Partners and Eric S. Wittstein. There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 114,655 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 22 percent of the space.

Surrounding

Within a 400-foot radius of 575 3rd Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Ferdinand Giancola bought the 10,444-square-foot, 18-unit rental (C1) on 211 8th Avenue for $9.2 million from New York Equity Management on April 18, 2022.
One of those two items was a loan which Ferdinand Giancola borrowed $5.1 million from First Republic Bank secured by the 10,444-square-foot, 18-unit rental (C1) on 211 8th Avenue on April 18, 2022.

Direct link to Acris document. link