Jacob Fulop pays $3.1M for mixed-use in Crown Heights

Jacob Fulop through the entity Franklin Lofts NY LLC paid $3.1 million to Steve Bailey through the entity Bailey, Steve for the six-unit mixed-use building (S9) at 726 Franklin Avenue in Crown Heights, Brooklyn.
The deal closed on September 18, 2025 and was recorded on September 25, 2025. The property has 7,308 square feet of built space and 3,483 square feet of additional air rights for a total buildable of 10,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $431 and the price per buildable square foot is $291 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 Steve Bailey was Steve Bailey. The signatory for Jacob Fulop was Jacob Fulop. The contract date was April 8, 2025.

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 $26.2 million and sold two properties in two transactions for a total of $12.5 million over the past 24 months.
The seller Steve Bailey had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Steve Bailey, individual owner.

The property

The mixed-use building with 6 residential units in Crown Heights has 7,308 square feet of built space and 3,483 square feet of additional air rights for a total buildable of 10,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,700 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 received $50 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 Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 2.3 times the average sales volume among other neighborhoods with $671.7 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Crown Heights has near average amount of major developments among other neighborhoods and is the 12th highest in Brooklyn. It had 1.3 million 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 29 of the 37 commercial properties representing 333,075 square feet of the 377,424 square feet. The largest owner is City of New York, followed by Alchemy Ventures and then MHANY Management.
On the tax block, there was one new building construction project filed totaling 40,916 square feet. It is a 21-unit, 40,916 square-foot residential (R-2) building submitted by Avdoo & Partners Development and filed by Shlomi Avdoo with plans filed December 27, 2023 and permitted September 9, 2024.

The majority, or 62 percent of the 377,424 square feet of built space are walkup buildings, with specialty buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Steve Bailey owned at least one commercial property with six residential units in New York City with 7,308 square feet and a city-determined market value of $876,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Jacob Fulop owned at least 32 commercial properties with 251 residential units in New York City with 264,613 square feet and a city-determined market value of $49.3 million. (Market value is typically about 50% of actual value.) The portfolio has $167 million in debt, with top three lenders as Bank of Montreal, Bank of Princeton, and Bank Leumi respectively. Within the portfolio, the bulk, or 36 percent of the 264,613 square feet of built space are walkup properties, with industrial properties next occupying 27 percent of the space. The bulk, or 91 percent of the built space, is in Brooklyn, with Manhattan next at 9 percent of the space.

Direct link to Acris document. link