Buyer pays $3.7M to C&S Capital for 4-family in Clinton Hill

UPDATED 12:04 p.m., July 7, 2025: A buyer through the entity 401 2nd St Associates LLC paid $3.7 million to C&S Capital Partners through the entity East Coast Mazels LLC for the four-unit building (C3) at 416 Grand Avenue in Clinton Hill, Brooklyn. The expected use is cash flowing.
The deal closed on July 21, 2025 and was recorded on August 4, 2025. The property has 2,800 square feet of built space and 1,200 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,321 and the price per buildable square foot is $925 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 July 26, 2023, for $1.1 million. The signatory for C&S Capital Partners was an attorney, Irena Shternfeld .  The contract date was March 25, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller C&S Capital Partners purchased two properties in two transactions for a total of $5.1 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jane Wormley, head officer and Casey Schear, agent. The business entity is Jane Wormley As Admin To Estate Of Emma Younge. The 2,800-square-foot property generated revenue of $95,088 or $34 per square foot, according to the most recent income and expense figures.

The property

The 1-4 family building with 4 residential units in Clinton Hill has 2,800 square feet of built space and 1,200 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Clinton Hill Historic District. The city-designated market value for the property in 2022 is $1.3 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 three DOB violations, $2,500 in ECB penalties, two housing violations, and $2,500 in OATH penalties 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 three of the eight commercial properties representing 70,713 square feet of the 81,983 square feet. The largest owner is Leonard Rutkowitz, followed by Citi Builders Ny and then Abeco Organization.
On the tax block, there were two new building construction projects totaling 81,749 square feet. The largest is a 39-unit, 41,385 square-foot residential (R-2) building submitted by Citi Builders NY and filed by Chana Leah Balkany with plans filed September 15, 2021 and permitted June 15, 2022. The second largest is a 41-unit, 40,364 square-foot residential (R-2) building submitted by AbeCo Organization and filed by Abe Betesh with plans filed March 25, 2022 and permitted February 28, 2024.

The majority, or 76 percent of the 81,983 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that C&S Capital Partners owned at least two commercial properties with six residential units in New York City with 7,092 square feet and a city-determined market value of $7.6 million. (Market value is typically about 50% of actual value.) The portfolio has $2.3 million in debt, borrowed from S3 Capital. Within the portfolio, all identified are C0 properties. They are all located in Brooklyn.

UPDATED with the removal of a private individual’s name.

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