Vipol Patel pays $3.6M for office building in Park Slope

Vipol Patel through the entity 405 5th Avenue LLC paid $3.6 million to Iftikhar Din through the entity Pak Slope Enterprises, LLC for the office building (O8) at 405 5th Avenue in Park Slope, Brooklyn.
The deal closed on February 5, 2025 and was recorded on February 14, 2025. The property has 4,300 square feet of built space and 6,170 square feet of additional air rights for a total buildable of 10,458 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $837 and the price per buildable square foot is $344 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 August 12, 2015, for $3 million. The signatory for Iftikhar Din was Iftikhar Din. The signatory for Vipol Patel was Vipol Patel. The contract date was November 6, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Vipol Patel had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Iftikhar Din had not purchased any other properties and had not sold any properties over the same time period. The 4,300-square-foot property generated revenue of $205,368 or $48 per square foot, according to the most recent income and expense figures.

The property

The office building with 1 residential units in Park Slope has 4,300 square feet of built space and 6,170 square feet of additional air rights for a total buildable of 10,458 square feet according to a PincusCo analysis of city data. The parcel has frontage of 36 feet and is 96 feet deep with a total lot size of 3,486 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 $350 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 neighborhood

In Park Slope, The bulk, or 36 percent of the 9.8 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space. In sales, Park Slope has 2.8 times the average sales volume among other neighborhoods with $742.5 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 824,516 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 24,392 square feet of the 83,059 square feet. The two identified owners are Greenbrook Partners and Jacob Bouganim.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 83,059 square feet of built space are walkup buildings, with retail buildings next occupying 29 percent of the space.

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