Investor pays $3.4M for 3-family in Park Slope

Dmitri Sytchev through the entity 722 President Street LLC paid $3.4 million to the Porretto family for the three-unit building (C0) at 722 President Street in Park Slope, Brooklyn. The expected use is cash flowing.
The deal closed on November 20, 2024 and was recorded on December 10, 2024. The property has 5,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $607 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 Joseph Porretto, John Porretto, and Lisa Porretto Antico was Joseph Porretto, John Porretto, and Lisa Porretto Antico. The signatory for Dmitri Sytchev was Dmitri Sytchev. The contract date was August 29, 2024.

John Brennan and Bryan Ellis of Marcus & Millichap brokered the transaction, Traded NY reported.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dmitri Sytchev had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Porretto 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 John Porretto, joint owner and Joseph Porretto, joint owner.

The property

The 1-4 family building with 3 residential units in Park Slope has 5,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 1,983 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 $6.7 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 two of the nine commercial properties representing 8,408 square feet of the 47,764 square feet. The two identified owners are Alchemy Ventures and Eric Frumin.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 47,764 square feet of built space are mixed-use buildings, with walkup buildings next occupying 29 percent of the space.

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