Building BK pays $1.8M for incomplete 4-story walkup in Crown Heights through foreclosure

Building BK through the entity 115 Rogers Ventures LLC paid $1.8 million through a judicial foreclosure for the nearly complete four-story walkup building (C7) at 115 Rogers Avenue in Crown Heights, Brooklyn. The expected use is cash flowing. The former owner was John Emefieh, and the court-appointed referee was Gregory LaSpina.

On the lot, there was a new building construction project, 321120666, for a six-unit, 5,122 square-foot residential (R-2) building. The project was submitted by John Emefieh with plans filed April 30, 2015 and permitted December 28, 2021. The latest zoning documents say the building will have seven units.
The deal closed on May 9, 2025 and was recorded on May 29, 2025. The property has 5,244 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $349 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 John Emefieh was Gregory LaSpina . The signatory for Building BK was Arie Bar Chaim . The contract date was February 13, 2025. John Emefieh was the former owner through TYC Realty Inc.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Building BK purchased one property in one transaction for a total of $3.5 million and has no record it sold any properties over the past 24 months.
The former owner John Emefieh had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential walkup building with 7 residential units in Crown Heights has 5,244 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 90 feet deep with a total lot size of 1,710 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 $853,000.

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 one DOB violation, $4,840 in ECB penalties, and $8,790 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 16 of the 32 commercial properties representing 238,079 square feet of the 326,737 square feet. The largest owner is NYC Department Of Education, followed by ELH Mgmt. and then Joel Fekete.
On the tax block, there were three new building construction projects totaling 21,973 square feet. The largest is a 14-unit, 12,312 square-foot residential (R-2) building submitted by Shahram Mobasser with plans filed November 8, 2018 and permitted April 28, 2022. The second largest is a six-unit, 5,122 square-foot residential (R-2) building submitted by John Emefieh with plans filed April 30, 2015 and permitted December 28, 2021.

The majority, or 39 percent of the 326,737 square feet of built space are specialty buildings, with walkup buildings next occupying 39 percent of the space.

The buyer

The PincusCo database currently indicates that Building BK owned at least one commercial property with seven residential units in New York City with 5,244 square feet and a city-determined market value of $620,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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