Greenbrook Partners pays $2.9M for mixed-use in South Slope

Greenbrook Partners through the entity 557 5 Ave, LLC paid $2.9 million for the six-unit mixed-use building (K4) at 557 5th Avenue in South Slope, Brooklyn. The expected use is cash flowing.
The deal closed on August 15, 2025 and was recorded on August 25, 2025. The property has 4,890 square feet of built space and 330 square feet of additional air rights for a total buildable of 5,220 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $593 and the price per buildable square foot is $555 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 Alexander Tupaz was Alexander Tupaz. The signatory for Greenbrook Partners was Greg Fournier . The contract date was May 30, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 79 properties in 76 transactions for a total of $321.3 million and sold 23 properties in 23 transactions for a total of $136.9 million over the past 24 months.
The seller Alexander Tupaz had not purchased any other properties and had not sold any properties over the same time period. The 4,890-square-foot property generated revenue of $219,984 or $45 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 6 residential units in South Slope has 4,890 square feet of built space and 330 square feet of additional air rights for a total buildable of 5,220 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 87 feet deep with a total lot size of 1,740 square feet. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $952,000.

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 $1,350 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 $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 $193.2 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 302,041 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 five of the 20 commercial properties representing 41,117 square feet of the 136,883 square feet. The largest owner is Alchemy Ventures, followed by Andy Pitsillos and then Prince Mondal.
On the tax block, there was one new building construction project filed totaling 3,000 square feet. It is a four-unit, 3,000 square-foot residential (R-2) building submitted by Nicola D’Agostino with plans filed December 20, 2019 and it has not been permitted yet.

The majority, or 56 percent of the 136,883 square feet of built space are walkup buildings, with elevator buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 327 commercial properties with 1,607 residential units in New York City with 1,468,446 square feet and a city-determined market value of $488.2 million. (Market value is typically about 50% of actual value.) The portfolio has $358 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and MP Real Estate Capital respectively. Within the portfolio, the bulk, or 49 percent of the 1,468,446 square feet of built space are walkup properties, with C0 properties next occupying 14 percent of the space. The bulk, or 96 percent of the built space, is in Brooklyn, with Queens next at 4 percent of the space.

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