Patrick Smith pays $2.3M for residential walkup in Crown Heights

Patrick Smith through the entity 1512 Park Place, LLC paid $2.3 million to Isaac Rubinfeld through the entity 1512 Park Realty LLC for the 32-unit residential walkup building (C1) at 1512 Park Place in Crown Heights, Brooklyn. The expected use is cash flowing.
The deal closed on September 29, 2025 and was recorded on October 10, 2025. The property has 28,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $81 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 Isaac Rubinfeld was Isaac Rubinfeld. The signatory for Patrick Smith was Patrick Smith. The contract date was July 29, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Patrick Smith had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Isaac Rubinfeld had not purchased any other properties and had not sold any properties over the same time period. The 28,200-square-foot property generated revenue of $435,838 or $15 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 32 residential units in Crown Heights has 28,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 155 feet deep with a total lot size of 11,200 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 million. The property has 30 rent regulated units according to city tax records from 2020.

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 14 housing violations and $550 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 13 of the 23 commercial properties representing 224,666 square feet of the 297,362 square feet. The largest owner is Ciporah Greenfield, followed by Samuel Grunbaum and then Louis Koplowitz.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 297,362 square feet of built space are walkup buildings, with elevator buildings next occupying 6 percent of the space.

The buyer

The PincusCo database currently indicates that Patrick Smith owned at least one commercial property with 37 residential units in New York City with 31,812 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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