Cayre Equities pays $5M for community facility building in Cypress Hills

Cayre Equities through the entity Cs 3208 Fulton LLC paid $5 million to Zachary Lewis through the entity 3208 Fulton LLC for the Cypress Hills-Fulton St. Senior Center specialty building (I5) at 3208 Fulton Street in Cypress Hills, Brooklyn.
The deal closed on April 15, 2026 and was recorded on April 29, 2026. The property has 25,000 square feet of built space and 5,300 square feet of additional air rights for a total buildable of 30,290 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $200 and the price per buildable square foot is $165 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 Zachary Lewis was Zachary Lewis. The signatory for Cayre Equities was Kenneth Cayre . The contract date was April 1, 2026.

Lee & Associates marketed this property as an investment or as a potential development. “The Property represents the opportunity to collect stable cashflow through government tenancy while preparing to redevelop the site to its highest and best use.”

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Cayre Equities purchased two properties in two transactions for a total of $35.4 million and sold two properties in two transactions for a total of $76.2 million over the past 24 months.
The seller Zachary Lewis had not purchased any other properties and sold one property in one transaction for a total of $26.5 million over the same time period.

The property

The specialty building in Cypress Hills has 25,000 square feet of built space and 5,300 square feet of additional air rights for a total buildable of 30,290 square feet according to a PincusCo analysis of city data. The parcel has frontage of 132 feet and is 142 feet deep with a total lot size of 15,145 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 $3.7 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 $300 in OATH penalties 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 neighborhood

In Cypress Hills, The bulk, or 24 percent of the 8.6 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 20 percent of the space. In sales, Cypress Hills has had very little sales volume relative to other neighborhoods with $179.4 million in sales volume in the last two years. For development, Cypress Hills has 1.2 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 33,815 square feet of built space are specialty buildings, with retail buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Zachary Lewis owned at least one commercial property in New York City with 22,207 square feet and a PincusCo-determined asset value of $6.7 million. The portfolio has $5 million in debt, borrowed from Valley National Bank. The portfolio consists of at least a single P5 property.

The buyer

The PincusCo database currently indicates that Cayre Equities owned at least 11 commercial properties in New York City with 661,040 square feet and a PincusCo-determined asset value of $204.8 million. The portfolio has $186.4 million in debt, with top three lenders as Bank Hapoalim, Santander Bank, and TD Bank respectively. Within the portfolio, the bulk, or 65 percent of the 661,040 square feet of built space are industrial properties, with office properties next occupying 25 percent of the space. The bulk, or 57 percent of the built space, is in Manhattan, with Brooklyn next at 23 percent of the space.

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