Abraham Brach pays $7.9M to FourLeaf Federal for office condos in Gramercy

Abraham Brach through the entity Sig 305 LLC paid $7.9 million through a real estate owned transaction to FourLeaf Federal Credit Union through the entity Business Services Group 305 2nd Ave., LLC for 20 office condominium units at 305 Second Avenue in Gramercy, Manhattan. The expected use is cash flowing. There are a total of 35 such office condos, most occupied by medical professionals. Above the office units are 127 residential condo units.
The deal closed on March 11, 2026 and was recorded on March 19, 2026. The 20 units have 21,228 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $372 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 FourLeaf Federal Credit Union was Andrew Lendzioszek Jr. . The signatory for Abraham Brach was Abraham Brach. The contract date was October 6, 2025.

FourLeaf Federal Credit Union’s predecessor, Bethpage Federal Credit Union, provided Winthrop Chamberlain a $9 million loan in 2016. In 2023, FourLeaf Federal Credit Union acquired the properties from Winthrop Chamberlain, through a $9.5 million transfer, which was slightly above the loan value of $9 million. PincusCo is interpreting that as a transfer similar to a deed-in-lieu, underscored by the current sale price below that transfer value.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Abraham Brach had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller FourLeaf Federal Credit Union had not purchased any other properties and had not sold any properties over the same time period.

The property

The office condo in Gramercy has 21,228 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 1,647 square feet. The city-designated market value for the property in 2022 is $598,258.

Transaction Participants

Attorney Allen A. Herman   participated in the transaction on behalf of the buyer.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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 neighborhood

In Gramercy, The bulk, or 31 percent of the 11.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Gramercy has 1.2 times the average sales volume among other neighborhoods with $387.2 million in sales volume in the last two years and is the 28th highest in Manhattan. For development, Gramercy has 1.5 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On the tax block of 305 2nd Avenue, PincusCo has identified the owners of one of the six commercial properties representing 5,600 square feet of the 64,483 square feet. The identified owner is Laura Oram Solow Of Att: Stephen P Solow.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 64,483 square feet of built space are hotel buildings, with walkup buildings next occupying 47 percent of the space.

The buyer

The PincusCo database currently indicates that Abraham Brach owned at least eight commercial properties with 186 residential units in New York City with 294,766 square feet and a city-determined market value of $27.3 million. (Market value is typically about 50% of actual value.) The portfolio has $223.1 million in debt, with top three lenders as G4 Capital Partners, BridgeCity Capital, and Cirrus Real Estate Partners respectively. Within the portfolio, the bulk, or 86 percent of the 294,766 square feet of built space are elevator properties, with walkup properties next occupying 11 percent of the space. They are all located in Brooklyn.

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