Aurec Capital, Golden Arc pay $52.5M to Lay Assets for 105-unit building in Sheepshead Bay

Aurec Capital and Golden Arc through the entity 2442 Ocean Ave Daf L.P. paid $52.5 million to Lay Assets through the entity 2442 Ocean Avenue, LLC for the 105-unit residential elevator building (D3) at 2442 Ocean Avenue with an alternate address of 2450 Ocean Avenue in Sheepshead Bay, Brooklyn. The expected use is cash flowing.
The deal closed on August 22, 2025 and was recorded on September 2, 2025. The property has 95,238 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $551 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 February 14, 2017, for $10.1 million. The signatory for Lay Assets was an attorney, Irina Saks . The signatory for Aurec Capital and Golden Arc was Yonit Tzadok . The contract date was April 27, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Aurec Capital purchased one property in one transaction for a total of $4.6 million and has no record it sold any properties over the past 24 months.
The seller Lay Assets 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 Eddie Yair, head officer and Moti Gans, agent. The business entity is 2442 Ocean Avenue, Llc. The 95,238-square-foot property generated revenue of $3.4 million or $35 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 105 residential units in Sheepshead Bay has 95,238 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 151 feet deep with a total lot size of 28,240 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2020 and expires in 2055. The city-designated market value for the property in 2022 is $19.9 million. Valley National Bank on July 16, 2020 bought a loan with an original principal of from signed by Irina Saks, secured by 2450 Ocean Avenue, when owned by Lay Assets. The property has 81 rent regulated units according to city tax records from 2023.

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 $625 in ECB penalties and $7,825 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 1, 2020. 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 one of the six commercial properties representing 95,238 square feet of the 188,529 square feet. The identified owner is Lay Assets.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 188,529 square feet of built space are elevator buildings, with mixed-use buildings next occupying 4 percent of the space.

The seller

The PincusCo database currently indicates that Lay Assets owned at least nine commercial properties with 261 residential units in New York City with 129,459 square feet and a city-determined market value of $32.1 million. (Market value is typically about 50% of actual value.) The portfolio has $210.3 million in debt, with top three lenders as Valley National Bank, S3 Capital, and Emerald Creek Capital respectively. Within the portfolio, the bulk, or 95 percent of the 129,459 square feet of built space are elevator properties, with B1 properties next occupying 2 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Golden Arc owned at least five commercial properties with 55 residential units in New York City with 46,118 square feet and a city-determined market value of $14.7 million. (Market value is typically about 50% of actual value.) The portfolio has $25.1 million in debt, borrowed from Axos Bank and Israel Discount Bank. Within the portfolio, the bulk, or 47 percent of the 46,118 square feet of built space are elevator properties, with walkup properties next occupying 39 percent of the space. The bulk, or 53 percent of the built space, is in Manhattan, with Brooklyn next at 47 percent of the space.
The PincusCo database currently indicates that Aurec Capital owned at least one commercial property in New York City with 6,396 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single M4 property. It is located in Manhattan.

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