Bear Creek Asset Management buys $28M homeless shelter in Greenpoint

Bear Creek Asset Management through the entity 83 Apollo Propco LLC paid $28 million to Apex Investments through the entity 83-97 Apollo Owner LLC for the newly constructed homeless shelter at 83 Apollo Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on August 29, 2025 and was recorded on September 17, 2025. The property has 33,882 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $826 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 Apex Investments was Kasra Sanandaji . The signatory for Bear Creek Asset Management was Jonathan Stern . The contract date was June 4, 2025.

To finance the purchase, Bear Creek borrowed $19.4 million from Deutsche Bank.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bear Creek Asset Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Apex Investments had not purchased any other properties and had not sold any properties over the same time period.

The property

The property in Greenpoint has 33,882 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 33,882 square feet. The city-designated market value for the property in 2022 is $4.1 million. Ellington Management Group on May 24, 2024 bought a loan with an original principal of from signed by Kasra Sanandaji, secured by 83 Apollo Street, when owned by Apex Investments.

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 four of the 12 commercial properties representing 60,787 square feet of the 130,513 square feet. The largest owner is Titan Industrial Services, followed by Yong Hong Xu and then Apex Investments.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 130,513 square feet of built space are industrial buildings, with hotel buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Apex Investments owned at least one commercial property in New York City with 33,882 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $16.2 million in debt, borrowed from Ellington Management Group. The portfolio consists of at least a single hotel property. It is located in Brooklyn.

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