Minerva Development sells former 3-family in Park Slope for $5.8M

Individual buyers paid $5.8 million to Minerva Development through the entity 38 Garfield LLC for a former three-unit building (C0) at 38 Garfield Place in Park Slope, Brooklyn, that is now a single-family home.
The deal closed on November 21, 2025 and was recorded on December 9, 2025. The property has 4,004 square feet of built space according to a listing with Douglas Elliman. The sale price per built square foot is $1,453 and the price per buildable square foot is $2,196 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 February 22, 2024, for $1.9 million. The signatory for Minerva Development was Mikhail Litt . The contract date was August 8, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Minerva Development purchased six properties in six transactions for a total of $22.1 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Omri Bar-Mashiah, head officer and Asaf Ringlheim, shareholder. The business entity is 38 Garfield Llc.

The property

The 1-4 family building with 3 residential units in Park Slope has 1,410 square feet of built space and 1,245 square feet of additional air rights for a total buildable of 2,650 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 115 feet deep with a total lot size of 1,325 square feet. The lot is irregular. 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 $1.9 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 $1,750 in ECB penalties and $2,190 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 four of the 11 commercial properties representing 27,952 square feet of the 97,988 square feet. The largest owner is Eli Scharf, followed by Chan Lee and then New Empire Corp..
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 97,988 square feet of built space are walkup buildings, with mixed-use buildings next occupying 45 percent of the space.

The seller

The PincusCo database currently indicates that Minerva Development owned at least seven commercial properties with 22 residential units in New York City with 21,220 square feet and a city-determined market value of $21.5 million. (Market value is typically about 50% of actual value.) The portfolio has $23.4 million in debt, with top three lenders as S3 Capital, Bullpath Capital, and SDB respectively. Within the portfolio, the bulk, or 40 percent of the 21,220 square feet of built space are C3 properties, with C0 properties next occupying 38 percent of the space. They are all located in Brooklyn.

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