Han Soon Yom pays $4.8M to Galinn Fund for 4-family in Park Slope

Han Soon Yom through the entity 407 Ar LLC paid $4.8 million through a REO sale to Galinn Fund through the entity 407 3rd Street Associates LLC for the four-unit building (C3) at 407 3rd Street in Park Slope, Brooklyn. The expected use is cash flowing.
The deal closed on January 7, 2026 and was recorded on January 14, 2026. The property has 5,353 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $890 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 Galinn Fund was James Stanco. The contract date was July 2, 2025. The Galinn Fund was a prior lender on the property. The Galinn Fund was formed by David Linn and George Galgano.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Han Soon Yom had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Galinn Fund 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 Virginia Stanco, head officer and James Stanco, agent. The business entity is Sleep Hollow Estates. The 5,353-square-foot property generated revenue of $221,079 or $41 per square foot, according to the most recent income and expense figures.

The property

The 1-4 family building with 4 residential units in Park Slope has 5,353 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 95 feet deep with a total lot size of 2,050 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.1 million.

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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 35,387 square feet of the 98,416 square feet. The largest owner is Greenbrook Partners, followed by John Mercado and then I. Wolhendler.
On the tax block, there were five new building construction projects totaling 75,544 square feet. The largest is a one-unit, 15,121 square-foot residential (R-3) building submitted by Richard Diego with plans filed December 17, 2025 and it has not been permitted yet. The second largest is a one-unit, 15,121 square-foot residential (R-3) building submitted by Richard Diego with plans filed December 23, 2025 and it has not been permitted yet.

The majority, or 88 percent of the 98,416 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

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