Eckstrom, Sunlight pay $5M to for 4-family in Cobble Hill

Eckstrom NYC and Sunlight Development through the entity 181 Baltic LLC paid $5 million to James Garrison and Ann Dougherty through the entity Dougherty, Ann for the four-unit building (C3) at 181 Baltic Street in Cobble Hill, Brooklyn. The expected use is cash flowing.
The deal closed on April 11, 2025 and was recorded on April 29, 2025. The property has 3,375 square feet of built space and 2,695 square feet of additional air rights for a total buildable of 6,065 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,481 and the price per buildable square foot is $824 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 James Garrison and Ann Dougherty was James Garrison and Ann Dougherty. The signatory for Eckstrom NYC and Sunlight Development was Carlos Saavedra . The contract date was October 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eckstrom NYC purchased 11 properties in 11 transactions for a total of $57.5 million and has no record it sold any properties over the past 24 months.
The seller James Garrison 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 Ann Dougherty, joint owner and James Garrison, joint owner. The 3,375-square-foot property generated revenue of $160,313 or $48 per square foot, according to the most recent income and expense figures.

The property

The 1-4 family building with 4 residential units in Cobble Hill has 3,375 square feet of built space and 2,695 square feet of additional air rights for a total buildable of 6,065 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 99 feet deep with a total lot size of 2,496 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 Cobble Hill Historic District. The city-designated market value for the property in 2022 is $2.5 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 four of the five commercial properties representing 28,299 square feet of the 38,313 square feet. The two identified owners are Isaac Katz and John J. Owen.
There are no active new building construction projects on this tax block.

All properties are walkup.

The buyer

The PincusCo database currently indicates that Eckstrom Nyc owned at least 23 commercial properties with 103 residential units in New York City with 125,951 square feet and a city-determined market value of $62.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 43 percent of the 125,951 square feet of built space are walkup properties, with C3 properties next occupying 28 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Sunlight Development owned at least seven commercial properties with 104 residential units in New York City with 74,336 square feet and a city-determined market value of $20.7 million. (Market value is typically about 50% of actual value.) The portfolio has $136.2 million in debt, borrowed from S3 Capital and Amerasia Bank. Within the portfolio, the bulk, or 77 percent of the 74,336 square feet of built space are elevator properties, with retail properties next occupying 18 percent of the space. The bulk, or 65 percent of the built space, is in Queens, with Brooklyn next at 35 percent of the space.

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