P
Seller's Agent in 2025
Peter Asmar
(718) 748-1800
1 in this area
14 Total Sales
518 E 40th St Brooklyn, NY 11203
East Flatbush Neighborhood
3
Beds
1.5
Baths
1,280
Sq Ft
2,178
Sq Ft Lot
Highlights
- Wood Flooring
- Heating System Uses Steam
- Back Yard
- 2 Car Detached Garage
About This Home
As of December 2025Welcome to a classic Brooklyn gem nestled in the heart of East Flatbush. This solidly built single-family home offers 3 spacious bedrooms, 1 full bathroom, and an unfinished basement – all brimming with opportunity for customization and personal touch. Enter inside and discover the charm of traditional layout and natural light throughout. The living and dining areas provide a warm, inviting atmosphere, perfect for gatherings or quiet evenings at home. Upper level, three generously sized bedrooms offer comfortable living space for family or guests. The home features oil heat, a shared driveway, and a detached garage – a rare find in this neighborhood. While the property does need some TLC, it’s a fantastic canvas for investors, first-time buyers, or anyone ready to create their dream home. Situated in a vibrant, well-established East Flatbush community, this home is close to schools, parks, shopping, and public transportation. Enjoy easy access to the B46 and B8 buses, as well as nearby subway lines that connect you to downtown Brooklyn and Manhattan. Local amenities, cultural institutions, and healthcare centers like SUNY Downstate Medical Center are just minutes away. Don't miss your chance to own a piece of Brooklyn real estate with incredible potential. Schedule your private showing today!
Home Details
Home Type
- Single Family
Est. Annual Taxes
- $5,340
Year Built
- Built in 1920
Lot Details
- 2,000 Sq Ft Lot
- Lot Dimensions are 100 x 20
- Back Yard
- Property is zoned R4
Home Design
- Poured Concrete
- Pitched Roof
- Siding
Interior Spaces
- 1,280 Sq Ft Home
- 2-Story Property
- Wood Flooring
- Unfinished Basement
- Basement Fills Entire Space Under The House
- Stove
Bedrooms and Bathrooms
- 3 Bedrooms
Parking
- 2 Car Detached Garage
- Shared Driveway
Utilities
- Heating System Uses Steam
- Heating System Uses Oil
- Oil Water Heater
Listing and Financial Details
- Tax Block 4956
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Jul 9, 2025
Closed on
Jan 14, 2026
Sold by
Salma Israt
Bought by
Salma Israt
Seller's Agent
Peter Asmar
Buyer's Agent
Peter Asmar
List Price
$698,000
Sold Price
$636,000
Premium/Discount to List
-$62,000
-8.88%
Views
43
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
9.91%
Purchase Details
Closed on
Oct 24, 2025
Sold by
Paul Lagano As Trustee and The Grace M Lagano Trust
Bought by
Salma Israt Jahan
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$508,800
Outstanding Balance
$506,861
Interest Rate
6.27%
Mortgage Type
Purchase Money Mortgage
Estimated Equity
$141,882
Purchase Details
Closed on
Jun 25, 2021
Sold by
Lagano Grace M
Bought by
Paul Lagano As Trustee Of The Grace Lag and The Grace Lagano Trust
Purchase Details
Closed on
Jun 22, 2021
Sold by
Lagano Anthony N and Lagano Grace M
Bought by
Lagano Grace M and Lagano Anthony N
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Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Interfamily Deed Transfer | -- | -- | |
| Deed | $636,000 | -- | |
| Deed | -- | -- | |
| Interfamily Deed Transfer | -- | -- |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $508,800 | Purchase Money Mortgage |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 12/31/2025 12/31/25 | Sold | $636,000 | -2.0% | $497 / Sq Ft |
| 07/21/2025 07/21/25 | Price Changed | $649,000 | -7.0% | $507 / Sq Ft |
| 07/09/2025 07/09/25 | For Sale | $698,000 | -- | $545 / Sq Ft |
| 07/09/2025 07/09/25 | Pending | -- | -- | -- |
Source: Brooklyn Board of REALTORS®
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $5,235 | $39,060 | $12,420 | $26,640 |
| 2024 | $5,235 | $42,000 | $12,420 | $29,580 |
| 2023 | $5,063 | $43,260 | $12,420 | $30,840 |
| 2022 | $1,994 | $38,700 | $12,420 | $26,280 |
| 2021 | $1,980 | $37,200 | $12,420 | $24,780 |
| 2019 | $1,944 | $29,880 | $12,420 | $17,460 |
| 2018 | $1,734 | $23,480 | $10,873 | $12,607 |
| 2017 | $1,612 | $22,152 | $10,445 | $11,707 |
| 2016 | $1,468 | $20,901 | $11,180 | $9,721 |
| 2015 | $821 | $20,901 | $12,326 | $8,575 |
| 2014 | $821 | $20,740 | $12,231 | $8,509 |
Source: Public Records
Agents Affiliated with this Home
-
Peter Asmar
-
Wade Jabour
Seller Co-Listing Agent in 2025
Wade Jabour
(917) 399-2085
1 in this area
160 Total Sales
Map
Source: Brooklyn Board of REALTORS®
MLS Number: 494065
APN: 04956-0020
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