Red Brick Properties pays $4M for 3-family in Park Slope

Red Brick Properties through the entity 839 President Street LLC paid $4 million for the three-unit building (C0) at 839 President Street in Park Slope, Brooklyn.
The deal closed on December 15, 2023 and was recorded on January 3, 2024. The property has 4,960 square feet of built space and 1,090 square feet of additional air rights for a total buildable of 6,060 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $806 and the price per buildable square foot is $660 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 signatories for the sellers were Shawn F. Wright and Mindy Sue Kappel. The signatory for Red Brick Properties was David Slaven. The contract date was July 25, 2023. David Slaven’s Red Brick Properties.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Red Brick Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shawn F. Wright 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 Mindy Kappel, joint owner and Shawn Wright, joint owner.

The property

The building with 3 residential units in Park Slope has 4,960 square feet of built space and 1,090 square feet of additional air rights for a total buildable of 6,060 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 95 feet deep with a total lot size of 2,020 square feet. The lot is irregular. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property is in the Park Slope Historic District. The city-designated market value for the property in 2022 is $4.3 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 $50 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 five of the 13 commercial properties representing 53,486 square feet of the 91,001 square feet. The largest owner is Marc Berman, followed by KMR Equity Partners and then Joseph Poggioli.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 91,001 square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.

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