C&S Capital Partners pays $3M for foreclosed 3-family in Carroll Gardens

C&S Capital Partners through the entity 399 Sackett 123 LLC paid $3 million through a judicial foreclosure  for the three-unit 1-4 family building (C0) at 399 Sackett Street in Carroll Gardens, Brooklyn. The expected use is cash flowing. The prior owner was Sandra Stutz.
The deal closed on May 12, 2025 and was recorded on June 5, 2025. The property has 3,400 square feet of built space and 600 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $883 and the price per buildable square foot is $751 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 the court was attorney Stephen A. Spinelli. The signatory for C&S Capital Partners was Irena Shternfeld . The contract date was February 20, 2025. This is a foreclosure auction sale resulting from Brooklyn State Supreme Court case 506678/2022. Sandra Stutz was the former borrower who lost the property in the foreclosure.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer C&S Capital Partners purchased one property in one transaction for a total of $2.1 million and has no record it sold any properties over the past 24 months.
The seller Sandra Stutz had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sandra Stutz, head officer and Mikhail Kruchenetskiy, site manager.

The property

The building with 3 residential units in Carroll Gardens has 3,400 square feet of built space and 600 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. 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 $3.5 million.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on January 24, 2024, by Sandra Stutz citing assets of $2.7 million. In addition, according to city public data, the property has received $50 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 block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 3,600 square feet of the 22,081 square feet. The identified owner is Simon Enever.
There are no active new building construction projects on this tax block.

All properties are mixed-use.

The buyer

The PincusCo database currently indicates that C&S Capital Partners owned at least one commercial property with three residential units in New York City with 3,692 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C0 property. It is located in Brooklyn.

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