Zhi Xiang Lin pays $2.7M for 6-unit walkup in South Slope

Zhi Xiang Lin through the entity 388 Prospect Ave Condo Inc. paid $2.7 million to the entity Providence House, Inc. for the six-unit residential walkup building (C2) at 388 Prospect Avenue in South Slope, Brooklyn. The expected use is cash flowing.
The deal closed on March 18, 2026 and was recorded on March 26, 2026. The property has 4,308 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $632 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 seller was Danielle Minelli Pagnotta. The signatory for Zhi Xiang Lin was Lin Zhi Xiang. The contract date was November 18, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Zhi Xiang Lin purchased four properties in four transactions for a total of $8.5 million and sold one property in one transaction for a total of $10.1 million over the past 24 months.
The seller Danielle Minelli Pagnotta 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 Danielle Minelli Pagnotta, head officer and Monzura Rhue, officer. The business entity is Providence House, Inc. The 4,308-square-foot property generated revenue of $122,520 or $28 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 6 residential units in South Slope has 4,308 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 80 feet deep with a total lot size of 2,004 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 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 one DOB violation and $600 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 10 commercial properties representing 98,153 square feet of the 126,352 square feet. The largest owner is Nyc Department Of Education, followed by Andy Pitsillos and then Christian Michel.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 126,352 square feet of built space are specialty buildings, with walkup buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Danielle Minelli Pagnotta owned at least three commercial properties with 62 residential units in New York City with 40,919 square feet and a city-determined market value of $5.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 40,919 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Zhi Xiang Lin owned at least five commercial properties with 20 residential units in New York City with 16,549 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 29 percent of the 16,549 square feet of built space are office properties, with C3 properties next occupying 28 percent of the space. They are all located in Brooklyn.

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