ABJ, KABR, Lincoln Oak pay $12.3M to Avanath Capital for 52-unit elevator in Crown Heights

ABJ Properties, KABR Group, and Lincoln Oak Management through the entity 597 Grand Fy LLC paid $12.3 million to Avanath Capital Management through the entity Ota Grand, LLC for the 52-unit residential elevator building (D9) at 597 Grand Avenue in Crown Heights, Brooklyn. The expected use is cash flowing.
The deal closed on December 23, 2025 and was recorded on January 14, 2026. The property has 56,377 square feet of built space and 12,378 square feet of additional air rights for a total buildable of 68,768 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $218 and the price per buildable square foot is $179 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.)
Avanath in a partnership with Oak Tree Residential, bought this property and three others for $60.2 million in October 2015. The signatory for Avanath Capital Management was Wesley Wilson . The signatory for ABJ Properties , KABR Group , and Lincoln Oak Management was Benjamin Soleimani , Adam Altman , and Jeremy Feit . The contract date was December 23, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer ABJ Properties purchased 15 properties in 13 transactions for a total of $46.2 million and sold three properties in two transactions for a total of $16.1 million over the past 24 months.
The seller Avanath Capital Management 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 Lenette Vargas, head officer and Richard Rosan, officer. The business entity is Ota Grand Llc. The 56,377-square-foot property generated revenue of $1.5 million or $26 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 52 residential units in Crown Heights has 56,377 square feet of built space and 12,378 square feet of additional air rights for a total buildable of 68,768 square feet according to a PincusCo analysis of city data. The parcel has frontage of 275 feet and is 133 feet deep with a total lot size of 34,384 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 $7 million. The property has 32 rent regulated units according to city tax records from 2024.

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 52 housing violations, $300 in OATH penalties, and two housing litigations 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 11 of the 13 commercial properties representing 427,136 square feet of the 438,186 square feet. The largest owner is NYC Department Of Education, followed by Bushburg Properties.
On the tax block, there was one new building construction project filed totaling 19,518 square feet. It is a 22-unit, 19,518 square-foot residential (R-2) building submitted by Balanced Living Development and filed by Eugene Khody with plans filed December 16, 2024 and permitted December 17, 2025.

The majority, or 44 percent of the 438,186 square feet of built space are specialty buildings, with elevator buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that ABJ Properties owned at least 97 commercial properties with 1,091 residential units in New York City with 1,042,718 square feet and a city-determined market value of $159.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 88 percent of the 1,042,718 square feet of built space are walkup properties, with elevator properties next occupying 8 percent of the space. The bulk, or 42 percent of the built space, is in Bronx, with Manhattan next at 33 percent of the space.
The PincusCo database currently indicates that Lincoln Oak Management owned at least two commercial properties with seven residential units in New York City with 9,263 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 9,263 square feet of built space are walkup properties, with mixed-use properties next occupying 43 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Kabr Group owned at least two commercial properties in New York City with 513,845 square feet and a city-determined market value of $28.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Queens.

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