Joseph Merola Jr. pays $4.1M for 5-unit walkup in Park Slope

Joseph Merola Jr. through the entity 447 Fenimore Street Realty LLC paid $4.1 million to Gwen Libstag through the entity Bergen 390 LLC for the five-unit residential walkup building (C2) at 390 Bergen Street in Park Slope, Brooklyn.
The deal closed on July 6, 2023 and was recorded on July 24, 2023. The property has 3,600 square feet of built space and 400 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,138 and the price per buildable square foot is $1,025 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 December 21, 2018, for $3 million. The signatory for Gwen Libstag was Gwen Libstag. The signatory for Joseph Merola Jr. was Joseph Merola Jr..

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Merola Jr. had purchased any other properties and sold five properties in two transactions for a total of $11 million over the past 24 months.
The seller Gwen Libstag 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 Sharon Posluszny, head officer and Paul Karoylan, site manager. The business entity is 390 Bergen Llc.

The property

The residential walkup building with 5 residential units in Park Slope has 3,600 square feet of built space and 400 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 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 $1.6 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 $25 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 block

On this tax block, PincusCo has identified the owners of seven of the 22 commercial properties representing 29,535 square feet of the 83,491 square feet. The largest owner is Roberto Alfonso, followed by Joel Schwartz and then Global Industries.
On the tax block, there was one new building construction project filed totaling 20,943 square feet. It is a 30-unit, 20,943 square-foot residential (R-2) building submitted by Yisroel Greenfeld with plans filed June 11, 2020 and permitted March 6, 2023.

The majority, or 87 percent of the 83,491 square feet of built space are mixed-use buildings, with walkup buildings next occupying 13 percent of the space.

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