Eckstrom NYC pays $8.2M for 10-unit walkup in Brooklyn Heights, 18th purchase in 2 years

Eckstrom NYC through the entity 29 Willow LLC paid $8.2 million to the entity Percy Management, Inc. for the 10-unit residential walkup building (C1) at 29 Willow Street in Brooklyn Heights, Brooklyn. This was Eckstrom NYC’s 18th purchase totaling more than $90 million over the past two years.
The deal closed on June 27, 2024 and was recorded on July 18, 2024. The property has 8,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $964 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 seller Polley Sheeran was an attorney, Stephen S. Siminou. The signatory for Eckstrom NYC was Carlos Saavedra. The contract date was February 29, 2024. Polley Sheeran

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eckstrom NYC purchased 17 properties in 17 transactions for a total of $82.5 million and has no record it sold any properties over the past 24 months.
The seller Polley Sheeran had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Polley Sheeran, head officer. The business entity is Percy Management Inc.

The property

The residential walkup building with 10 residential units in Brooklyn Heights has 8,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 101 feet deep with a total lot size of 2,553 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 property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $3.8 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.

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 three of the five commercial properties representing 20,202 square feet of the 25,484 square feet. The largest owner is Polley Sheeran, followed by Harriet Fredrick and then Austin Moore.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 25,484 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Polley Sheeran owned at least one commercial property with 10 residential units in New York City with 8,500 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Eckstrom NYC owned at least 20 commercial properties with 87 residential units in New York City with 108,921 square feet and a city-determined market value of $53.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 38 percent of the 108,921 square feet of built space are walkup properties, with C3 properties next occupying 32 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link