Park Slope 4-family sells for $3.2M
The entity 751 President LLC paid $3.2 million to Bari Lepelstat through the entity 751 President Street LLC for the four-unit building (C3) at 751 President Street in Park Slope, Brooklyn. The expected use is cash flowing.
The deal closed on February 26, 2025 and was recorded on March 3, 2025. The property has 5,986 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $534 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 Bari Lepelstat was Bari Lepelstat. The signatory for the buyer was an attorney, Stephen S. Siminou . The contract date was October 9, 2024. Joseph J. Lepelstat bought the building in 1983.
Prior sales and revenue
The seller Bari Lepelstat 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 Bari Lepelstat, head officer and David Lepelstat, officer. The business entity is 751 President Street Llc. The 5,986-square-foot property generated revenue of $247,222 or $41 per square foot, according to the most recent income and expense figures.
The property
The 1-4 family building with 4 residential units in Park Slope has 5,986 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 95 feet deep with a total lot size of 1,940 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 $2.8 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 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 $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of three of the 17 commercial properties representing 44,030 square feet of the 148,012 square feet. The largest owner is George Kotsonis, followed by Uri Koptiev and then Roman Catholic Church.
There are no active new building construction projects on this tax block.
The majority, or 31 percent of the 148,012 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.
Direct link to Acris document. link