Jacob Fulop pays $2M to for two-family in South Slope

Jacob Fulop through the entity 569 4th Ave Lofts LLC paid $2 million to the estate of Zofia Piekielny for the two-family building (B9) at 569 4th Avenue in South Slope, Brooklyn.
The deal closed on February 14, 2023 and was recorded on March 2, 2023. The property has 1,800 square feet of built space and 10,893 square feet of additional air rights for a total buildable of 12,684 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,111 and the price per buildable square foot is $157 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 Zofia Piekielny estate was Paul J. Boucher. The signatory for Jacob Fulop was Jacob Fulop. The contract was dated July 30, 2019. Zofia Piekielny acquired the property with her husband Edward Piekielny in 1961.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jacob Fulop purchased seven properties in seven transactions for a total of $45.7 million and sold seven properties in seven transactions for a total of $32.2 million over the past 24 months.
The seller Zofia Piekielny estate had not purchased any other properties and had not sold any properties over the same time period.

The property

The 569 4th Avenue parcel has frontage of 22 feet and is 95 feet deep with a total lot size of 2,107 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 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 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 25 commercial properties representing 36,927 square feet of the 87,405 square feet. The largest owner is Kash Group, followed by Jacob Fulop and then Angiola Ianniciello.
On the tax block, there was one new building construction project filed totaling 85,862 square feet. It is a 70-unit, 85,862-square-foot R-2 building developed by David Ennis with plans filed December 26, 2014 and permitted February 6, 2017.

The majority, or 45 percent of the 82,200 square feet of built space are elevator buildings, with mixed-use buildings next occupying 43 percent of the space.

The buyer

The PincusCo database currently indicates that Jacob Fulop owned at least 21 commercial properties in New York City with 178,672 square feet and a city-determined market value of $30.7 million. (Market value is typically about 50% of actual value.) The portfolio has $95.3 million in debt, with top three lenders as Bank of Princeton, Bank Leumi, and Republic Bank respectively. Within the portfolio, the bulk, or 46 percent of the 178,672 square feet of built space are walkup properties, with industrial properties next occupying 29 percent of the space. The bulk, or 85 percent of the built space, is in Brooklyn, with Manhattan next at 15 percent of the space.

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