Kum Soo Bok Cho Acquires Multifamily Property In Park Slope For $7 Million With IPRG

The property asset involved in this transaction is a multi-family building located at 507 8th Avenue, Park Slope, Brooklyn. The sale price of the property was $7,000,000, comprising 5 residential units. The building spans a total of 5,952 square feet, resulting in a price per unit of $1,400,000 and a price per square foot of $1,176.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $7,000,000
• Units: 5
• Square Footage: 5,952
• Price Per Unit: $1,400,000
• Price Per Square Foot: $1,176
• Buyer: Kum Soo Bok Cho
• Brokers: Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring & Samantha Katz - Investment Property Realty Group (IPRG)
• Date of Sale: 1/18/2026

The deal was executed with IPRG successfully sourcing a 1031 buyer who was specifically looking for renovated properties in the Park Slope area. The brokerage welcomes opportunities to engage with similar products for future transactions.