Jacob Fulop pays $4M for commercial building in Bedford Stuyvesant

Jacob Fulop through the entity 1197 Lofts LLC paid $4 million to Michael Tong 2 through the entity Brooklyn Commercial Corp. for the industrial building (F9) at 1197 Fulton Street in Bedford Stuyvesant, Brooklyn.
The deal closed on August 4, 2025 and was recorded on August 13, 2025. The property has 17,766 square feet of built space and 7,113 square feet of additional air rights for a total buildable of 24,897 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $225 and the price per buildable square foot is $160 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 seller bought the property on May 10, 2021, for $1.2 million. The signatory for Michael Tong was Michael Tong. The signatory for Jacob Fulop was Jacob Fulop. The contract date was July 3, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jacob Fulop purchased six properties in six transactions for a total of $22.9 million and sold two properties in two transactions for a total of $12.5 million over the past 24 months.
The seller Michael Tong had not purchased any other properties and had not sold any properties over the same time period. The 17,766-square-foot property generated revenue of $347,325 or $20 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Bedford Stuyvesant has 17,766 square feet of built space and 7,113 square feet of additional air rights for a total buildable of 24,897 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 118 feet deep with a total lot size of 5,928 square feet. The lot is irregular. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 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 $650 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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 10th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 1.9 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 19 commercial properties representing 93,147 square feet of the 110,777 square feet. The largest owner is Mendel Gold, followed by All Year Management and then Mayer Lefkowitz.
On the tax block, there were two new building construction projects totaling 7,875 square feet. The largest is a three-unit, 4,809 square-foot residential (R-2) building submitted by Rona Reodica with plans filed May 1, 2020 and permitted August 31, 2023. The second largest is a two-unit, 3,066 square-foot residential (R-3) building submitted by Max Sasy with plans filed October 28, 2015 and it has not been permitted yet.

The majority, or 54 percent of the 110,777 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Jacob Fulop owned at least 30 commercial properties with 251 residential units in New York City with 239,877 square feet and a city-determined market value of $47 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 40 percent of the 239,877 square feet of built space are walkup properties, with elevator properties next occupying 23 percent of the space. The bulk, or 92 percent of the built space, is in Brooklyn, with Manhattan next at 8 percent of the space.

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