Eckstrom NYC pays $7.3M for 5-unit walkup in Brooklyn Heights

Eckstrom NYC through the entity 39 Sidney LLC paid $7.3 million to 139 Sidney LLC for the five-unit residential walkup building (C2) at 39 Sidney Place in Brooklyn Heights, Brooklyn. The expected use is to renovate the building.
The deal closed on April 4, 2025 and was recorded on April 22, 2025. The property has 5,155 square feet of built space and 2,395 square feet of additional air rights for a total buildable of 7,559 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,425 and the price per buildable square foot is $972 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 September 21, 2007, for $3.1 million. The signatory for the seller Rachel Foster was Howard M. Brickner . The signatory for Eckstrom NYC was Carlos Saavedra . The contract date was December 5, 2024.

Eckstrom NYC financed the purchase and anticipated renovation with a $7.4 million loan from S3 Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eckstrom NYC purchased 10 properties in 10 transactions for a total of $50.1 million and has no record it sold any properties over the past 24 months.
The seller Rachel Foster 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 Rachel Foster, head officer and Patricia Perlman, site manager. The business entity is 139 Sidney Place Llc.

The property

The residential walkup building with 5 residential units in Brooklyn Heights has 5,155 square feet of built space and 2,395 square feet of additional air rights for a total buildable of 7,559 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 135 feet deep with a total lot size of 3,111 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $3.3 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 not received any significant violations in the last year.

The block

On this tax block, PincusCo has identified the owners of nine of the 13 commercial properties representing 51,685 square feet of the 88,921 square feet. The largest owner is Kings Capital, followed by Eckstrom NYC and then Patricia Perlman.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 88,921 square feet of built space are walkup buildings, with specialty buildings next occupying 26 percent of the space.

The buyer

The PincusCo database currently indicates that Eckstrom NYC owned at least 21 commercial properties with 94 residential units in New York City with 117,421 square feet and a city-determined market value of $57.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 42 percent of the 117,421 square feet of built space are walkup properties, with C3 properties next occupying 27 percent of the space. They are all located in Brooklyn.

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