JSAF Capital pays $2.2M to Firebird Grove for mixed-use in Greenwood Heights

JSAF Capital through the entity 667 5th Ave Bk LLC paid $2.2 million to Firebird Grove through the entity Or 667 Fifth, LLC for the two-unit mixed-use building (S9) at 667 5th Avenue in Greenwood Heights, Brooklyn. The expected use is cash flowing.
The deal closed on August 21, 2025 and was recorded on August 28, 2025. The property has 4,700 square feet of built space and 408 square feet of additional air rights for a total buildable of 5,100 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $473 and the price per buildable square foot is $436 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 August 6, 2020, for $2.1 million. The signatory for Firebird Grove was Adam Semler . The signatory for JSAF Capital was Joseph E. Safdie . The contract date was June 30, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer JSAF Capital purchased six properties in five transactions for a total of $15.6 million and has no record it sold any properties over the past 24 months.
The seller Firebird Grove purchased 11 properties in three transactions for a total of $38.9 million and sold three properties in three transactions for a total of $10.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Marla Siegel, head officer and Jair Gutierrez, agent. The business entity is Or 667 Fifth, Llc. The 4,700-square-foot property generated revenue of $115,996 or $25 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 2 residential units in Greenwood Heights has 4,700 square feet of built space and 408 square feet of additional air rights for a total buildable of 5,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 85 feet deep with a total lot size of 1,700 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 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 received $350 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 neighborhood

In Greenwood Heights, The bulk, or 37 percent of the 16.2 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 36 percent of the space. In sales, Greenwood Heights has 1.6 times the average sales volume among other neighborhoods with $456.2 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Greenwood Heights has had very little major development activity relative to other neighborhoods.It had 393,546 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 26 commercial properties representing 80,697 square feet of the 159,904 square feet. The largest owner is Martin Mittelman, followed by Builders Group Usa and then Zinoviy Zaltsman.
On the tax block, there were three new building construction projects totaling 61,194 square feet. The largest is a 36-unit, 46,356 square-foot residential (R-2) building submitted by Zinoviy Zaltsman| Aleksandr Zaltsman and filed by Aleksandr Zaltsman with plans filed June 25, 2024 and it has not been permitted yet. The second largest is a eight-unit, 9,834 square-foot residential (R-2) building submitted by Keivan Farhagian and filed by Keivan Farhadian with plans filed September 13, 2022 and permitted May 12, 2023.

The majority, or 58 percent of the 159,904 square feet of built space are walkup buildings, with mixed-use buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Firebird Grove owned at least 53 commercial properties with 412 residential units in New York City with 371,975 square feet and a city-determined market value of $175.3 million. (Market value is typically about 50% of actual value.) The portfolio has $37 million in debt, with top three lenders as Derby Copeland Capital, Bank of America, and Signature Bank respectively. Within the portfolio, the bulk, or 53 percent of the 371,975 square feet of built space are walkup properties, with mixed-use properties next occupying 35 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Manhattan next at 48 percent of the space.

The buyer

The PincusCo database currently indicates that JSAF Capital owned at least eight commercial properties with 85 residential units in New York City with 54,861 square feet and a city-determined market value of $15 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 54,861 square feet of built space are walkup properties, with elevator properties next occupying 30 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Bronx next at 5 percent of the space.

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