Vipul Patel pays $3.8M for retail in Park Slope

Vipul Patel through the entity 403 5th Avenue LLC paid $3.8 million to Iftikhar Din through the entity Pak Slope Enterprises, LLC for the two-unit retail and office building (O5) at 403 5th Avenue in Park Slope, Brooklyn.
The deal closed on January 21, 2026 and was recorded on January 28, 2026. The property has 5,400 square feet of built space and 1,580 square feet of additional air rights for a total buildable of 6,972 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $694 and the price per buildable square foot is $537 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 the buyer was Iftikhar Din also known as Iftikhar Khan . The signatory for Vipul Patel was Vipul Patel. The contract date was January 10, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Vipul Patel purchased two properties in two transactions for a total of $16.2 million and has no record it sold any properties over the past 24 months.
The seller Iftikhar Din had not purchased any other properties and sold one property in one transaction for a total of $3.6 million over the same time period. The 5,400-square-foot property generated revenue of $247,266 or $46 per square foot, according to the most recent income and expense figures.

The property

The retail building with 2 residential units in Park Slope has 5,400 square feet of built space and 1,580 square feet of additional air rights for a total buildable of 6,972 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 96 feet deep with a total lot size of 2,324 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 $1.2 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 $300 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 2.5 times the average sales volume among other neighborhoods with $828.6 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 28,692 square feet of the 83,059 square feet. The largest owner is Greenbrook Partners, followed by Jacob Bouganim and then Vipol Patel.
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.

The buyer

The PincusCo database currently indicates that Vipul Patel owned at least three commercial properties with one residential unit in New York City with 43,924 square feet and a city-determined market value of $10.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 95 percent of the 43,924 square feet of built space are hotel properties, with office properties next occupying 5 percent of the space. The bulk, or 62 percent of the built space, is in Queens, with Brooklyn next at 38 percent of the space.

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