Briarwood, Fulcrum pay $6.4M for affordable project in Bedford Stuyvesant

Briarwood Organization, Jobe Development, and Fulcrum Properties + Architecture through the entity Rochester Suydam Housing Development Fund Corp. paid $6.4 million to NYC Housing Partnership through the entity NYC Partnership Housing Development Fund Company for the 15-unit residential elevator building (D3) at 20 Suydam Place in Bedford Stuyvesant, Brooklyn and eight-unit residential elevator building (D3) at 37 Rochester Avenue in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on February 6, 2026 and was recorded on February 18, 2026. The two properties have 22,368 square feet of built space and 329 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $286 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 NYC Housing Partnership was Jamie A. Smarr . The signatory for Briarwood Organization , Jobe Development, and Fulcrum Properties + Architecture was John J. Heaney III . The contract date was February 6, 2026.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 20 Suydam Place.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Briarwood Organization purchased one property in one transaction for a total of 0.0 and has no record it sold any properties over the past 24 months.
The seller NYC Housing Partnership purchased three properties in three transactions for a total of $12.4 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 James Riso, head officer and Dimitri Naylor, site manager. The business entity is Nyc Partnership Hdfc Inc Bjf Development Llc.

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

For the tax lot buildings, two out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 20 Suydam Place, PincusCo has identified the owners of four of the nine commercial properties representing 30,565 square feet of the 36,397 square feet. The largest owner is Muhammad Abbas, followed by Moses Retek and then Nyc Partnership Housing Development Fund.
On the tax block, there were three new building construction projects totaling 6,339 square feet. The largest is a three-unit, 3,599 square-foot residential (R-2) building submitted by Joseph Hsu with plans filed June 16, 2017 and it has not been permitted yet. The second largest is a three-unit, 2,240 square-foot residential (R-2) building submitted by Labib Krunfol with plans filed April 20, 2018 and it has not been permitted yet.

The majority, or 61 percent of the 36,397 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Nyc Housing Partnership owned at least 18 commercial properties with 947 residential units in New York City with 697,296 square feet and a city-determined market value of $83.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 697,296 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. The bulk, or 43 percent of the built space, is in Manhattan, with Brooklyn next at 35 percent of the space.

The buyer

The PincusCo database currently indicates that Briarwood Organization owned at least 11 commercial properties with 586 residential units in New York City with 444,003 square feet and a city-determined market value of $51.4 million. (Market value is typically about 50% of actual value.) The portfolio has $79.9 million in debt, with top three lenders as Northmarq Capital, JPMorgan Chase, and Colonial Life & Accident Insurance Company respectively. Within the portfolio, the bulk, or 96 percent of the 444,003 square feet of built space are elevator properties, with M1 properties next occupying 4 percent of the space. The bulk, or 89 percent of the built space, is in Queens, with Manhattan next at 11 percent of the space.

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