Cappas pay $2.9M for mixed-use in Bay Ridge

Laura Cappa and Richard Cappa through the entity 8901 Third Avenue Realty LLC paid $2.9 million to Stuart Venner through the entity Ridge 89, LLC for the six-unit mixed-use building (S5) at 8901 3rd Avenue in Bay Ridge, Brooklyn. The expected use is cash flowing.
The deal closed on February 11, 2026 and was recorded on February 23, 2026. The property has 5,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $527 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 bought the property on August 14, 2008, for $2 million. The signatory for Stuart Venner was Stuart Venner. The signatories for Laura Cappa and Richard Cappa were Laura Cappa and Richard Cappa. The contract date was October 20, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Laura Cappa had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stuart Venner purchased two properties in two transactions for a total of $4.2 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Stuart Venner, individual owner. The 5,500-square-foot property generated revenue of $135,740 or $25 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 6 residential units in Bay Ridge has 5,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 99 feet deep with a total lot size of 2,700 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $781,000. The property has 6 rent regulated units according to city tax records from 2024.

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

For the tax lot building, it received its initial certificate of occupancy on April 13, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Bay Ridge, The bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has near average sales volume among other neighborhoods with $310.6 million in sales volume in the last two years and is the 25th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 193,200 square feet of commercial and multi-family construction under development in the last two years, which represents 0.92 percent of the neighborhood’s built space. There were seven pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 23 commercial properties representing 10,200 square feet of the 87,259 square feet. The two identified owners are John Nordbo and Nikolaos Leonardos.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 87,259 square feet of built space are walkup buildings, with mixed-use buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Stuart Venner owned at least 10 commercial properties with 92 residential units in New York City with 79,635 square feet and a city-determined market value of $24.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 79,635 square feet of built space are walkup properties, with mixed-use properties next occupying 13 percent of the space. They are all located in Brooklyn.

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