Baker Capital Group pays $5M for 16-unit walkup in Sunset Park

Baker Capital Group through the entity 422 61 Realty LLC paid $5 million to Jimmy Kwong through the entity 422 61st LLC for the 16-unit residential walkup building (C1) at 422 61st Street in Sunset Park, Brooklyn. The expected use is cash flowing.
The deal closed on February 12, 2026 and was recorded on February 24, 2026. The property has 16,512 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $302 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 Jimmy Kwong was Jimmy Kwong. The signatory for Baker Capital Group was Jordan M. Cohen. The contract date was November 5, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Baker Capital Group purchased 30 properties in three transactions for a total of $13.8 million and sold two properties in two transactions for a total of $5.2 million over the past 24 months.
The seller Jimmy Kwong had not purchased any other properties and sold one property in one transaction for a total of $2.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jimmy Kwong, head officer and Judy Kwong, shareholder. The business entity is 422 61st Llc. The 16,512-square-foot property generated revenue of $258,743 or $16 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Sunset Park has 16,512 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 48 feet and is 100 feet deep with a total lot size of 4,800 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1 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 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 block

On this tax block, PincusCo has identified the owners of 15 of the 28 commercial properties representing 181,771 square feet of the 250,228 square feet. The largest owner is Mark Weinberger, followed by Hyman Schattner and then Henry Ho Sheung Chiu.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 250,228 square feet of built space are walkup buildings, with mixed-use buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Jimmy Kwong owned at least three commercial properties with 42 residential units in New York City with 37,446 square feet and a city-determined market value of $4.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Baker Capital Group owned at least two commercial properties with 39 residential units in New York City with 44,175 square feet and a city-determined market value of $2.8 million. (Market value is typically about 50% of actual value.) The portfolio has $2 million in debt, borrowed from Tompkins Community Bank. Within the portfolio, the bulk, or 68 percent of the 44,175 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. They are all located in Bronx.

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