Fouad Elayyan pays $9M to Red Apple Group for possible dev site in Bedford Stuyvesant

Fouad Elayyan through the entity 960 Holding LLC paid $9 million to Red Apple Group through the entity RX Brooklyn Owners, LLC for the retail building (K1) at 960 Halsey Street in Bedford Stuyvesant, Brooklyn, as a possible development site.
The deal closed on October 22, 2025 and was recorded on October 29, 2025. The property has 12,500 square feet of built space and 45,530 square feet of additional air rights for a total buildable of 58,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $720 and the price per buildable square foot is $155 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 Red Apple Group was John A. Catsimatidis . The signatory for Fouad Elayyan was Fouad Elayyan. The contract date was April 29, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Fouad Elayyan purchased one property in one transaction for a total of $5.7 million and has no record it sold any properties over the past 24 months.
The seller Red Apple Group purchased one property in one transaction for a total of $22.5 million and had not sold any properties over the same time period. The 12,500-square-foot property generated revenue of $262,905 or $21 per square foot, according to the most recent income and expense figures.

The property

The retail building in Bedford Stuyvesant has 12,500 square feet of built space and 45,530 square feet of additional air rights for a total buildable of 58,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 319 feet and is 100 feet deep with a total lot size of 29,000 square feet. The lot is irregular. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $3.4 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 neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 10th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 1.9 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 182,986 square feet of the 197,388 square feet. The identified owner is L+M Development Partners.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 197,388 square feet of built space are elevator buildings, with retail buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Red Apple Group owned at least nine commercial properties with 86 residential units in New York City with 180,845 square feet and a city-determined market value of $46.6 million. (Market value is typically about 50% of actual value.) The portfolio has $365.3 million in debt, with top three lenders as Bank of America, M&T Bank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 46 percent of the 180,845 square feet of built space are elevator properties, with N2 properties next occupying 33 percent of the space. The bulk, or 54 percent of the built space, is in Manhattan, with Brooklyn next at 46 percent of the space.

The buyer

The PincusCo database currently indicates that Fouad Elayyan owned at least one commercial property in New York City with 16,084 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Island Federal Credit Union. The portfolio consists of at least a single retail property. It is located in Brooklyn.

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