Camber pays $12.2M to Maguire Capital for dev site in Borough Park

Camber Property Group through the entity Fsfhp Owner LLC paid $12.2 million through a real estate owned to Maguire Capital Group through the entity Fhp 26 LLC for the development site at 4218 Ft Hamilton Parkway in Borough Park, Brooklyn. The expected use is ground up development.
The deal closed on March 28, 2025 and was recorded on April 3, 2025. The property has 7,972 square feet of built space and 17,181 square feet of additional air rights for a total buildable of 25,150 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,524 and the price per buildable square foot is $483 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, a former note holder on the debt, acquired the property on September 20, 2023, through a bankruptcy for transfer valuation of $9.2 million. The signatory for Maguire Capital Group was Marvin Azrak . The signatory for Camber Property Group was Rick Gropper . The contract date was July 25, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Camber Property Group purchased 11 properties in five transactions for a total of $119.4 million and has no record it sold any properties over the past 24 months.
The seller Maguire Capital Group purchased 94 properties in two transactions for a total of $28.3 million and sold three properties in three transactions for a total of $18.1 million over the same time period. The 7,972-square-foot property generated revenue of $212,852 or $27 per square foot, according to the most recent income and expense figures.

The property

The office building in Borough Park has 7,972 square feet of built space and 17,181 square feet of additional air rights for a total buildable of 25,150 square feet according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 112 feet deep with a total lot size of 10,350 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 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 received one DOB violation and $2,000 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 321751500, for a 102,263 square-foot B building. The project was submitted by Shabsi Pfeiffer with plans filed September 17, 2018 and it has not been permitted yet.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2.6 times the average sales volume among other neighborhoods with $705.8 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 944,296 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing zero square feet of the 7,350 square feet. The two identified owners are Maguire Capital Group and Jacob Fulop.
On the tax block, there were two new building construction projects totaling 199,161 square feet. The largest is a 102,263 square-foot business (B) building submitted by Shabsi Pfeiffer with plans filed September 17, 2018 and it has not been permitted yet. The second largest is a 96,898 square-foot 57 building submitted by HCS and filed by Shulim Greenfeld with plans filed February 1, 2023 and permitted October 9, 2024.

The majority, or 100 percent of the 7,350 square feet of built space are mixed-use buildings, with office buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Maguire Capital Group owned at least six commercial properties with 22 residential units in New York City with 25,455 square feet and a city-determined market value of $9.2 million. (Market value is typically about 50% of actual value.) The portfolio has $25.2 million in debt, borrowed from Lightstone Group and Maspeth Federal Savings and Loan Association. Within the portfolio, the bulk, or 42 percent of the 25,455 square feet of built space are mixed-use properties, with walkup properties next occupying 41 percent of the space. The bulk, or 58 percent of the built space, is in Brooklyn, with Manhattan next at 42 percent of the space.

The buyer

The PincusCo database currently indicates that Camber Property Group owned at least 80 commercial properties with 8,447 residential units in New York City with 8,639,610 square feet and a city-determined market value of $537.4 million. (Market value is typically about 50% of actual value.) The portfolio has $2.6 billion in debt, with top three lenders as NYC Housing Development Corporation, New York City Housing Authority, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 83 percent of the 8,639,610 square feet of built space are elevator properties, with D3 properties next occupying 12 percent of the space. The bulk, or 83 percent of the built space, is in Bronx, with Brooklyn next at 14 percent of the space.

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