6-unit walkup in Prospect Heights sells for $1.6M

The entity 323 Saint Marks Avenue LLC paid $1.6 million to Song Ju Bao and Sheng Ye for the six-unit residential walkup building (C2) at 323 St Marks Avenue in Prospect Heights, Brooklyn. The expected use is cash flowing.
The deal closed on May 29, 2025 and was recorded on June 13, 2025. The property has 3,675 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $448 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 November 15, 2004, for $500,005. The signatory for Song Ju Bao and Sheng Ye was Song Ju Bao and Sheng Ye. The signatory for the buyers Heidi Heilig and Bret Heilig was Heidi Heilig, an author. The contract date was April 30, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Heidi Heilig had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Song Ju Bao 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 Sheng Ye, joint owner and Song Bao, joint owner. The 3,675-square-foot property generated revenue of $104,517 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 Prospect Heights has 3,675 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 63 feet deep with a total lot size of 1,778 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 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 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 18 commercial properties representing 24,431 square feet of the 131,821 square feet. The largest owner is Black Veterans For Social Justice, followed by Meah Mohammed D and then Bret Heilig.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 131,821 square feet of built space are elevator buildings, with walkup buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that Bret Heilig owned at least one commercial property with six residential units in New York City with 3,675 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
The PincusCo database currently indicates that Heidi Heilig owned at least one commercial property with six residential units in New York City with 3,675 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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