KP Developers pays $2.8M through REO sale for 8-unit walkup in Bedford Stuyvesant

KP Developers through the entity Halsey Development Of BK Inc. paid $2.8 million through a real estate owned sale (REO) to Stormfield Capital through the entity Stormfield Capital Funding I, LLC for the eight-unit residential walkup building (C1) at 460 Halsey Street in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on May 27, 2025 and was recorded on June 17, 2025. The property has 9,504 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $289 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, the former lender, took title to the property on January 16, 2025, through a Brooklyn foreclosure auction with index 516609/2022. The signatory for Stormfield Capital was Wesley Carpenter . The signatory for KP Developers was Ryan Pedram . The contract date was April 15, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer KP Developers purchased five properties in five transactions for a total of $21.5 million and sold two properties in one transaction for a total of $5 million over the past 24 months.
The seller Stormfield Capital purchased two properties in two transactions for a total of $7.9 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Saidu Jimoh, head officer. The business entity is Fortune 460 Estate Llc.

The property

The residential walkup building with 8 residential units in Bedford Stuyvesant has 9,504 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,700 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 million. The property has 8 rent regulated units according to city tax records from 2020.

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 one DOB violation and $650 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 block

On this tax block, PincusCo has identified the owners of 11 of the 20 commercial properties representing 84,428 square feet of the 110,356 square feet. The largest owner is David Levitan, followed by Andon Iksino and then Alchemy Ventures.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 110,356 square feet of built space are walkup buildings, with mixed-use buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Stormfield Capital owned at least two commercial properties with 12 residential units in New York City with 16,253 square feet and a city-determined market value of $2.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 16,253 square feet of built space are walkup properties, with C3 properties next occupying 42 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Kp Developers owned at least 22 commercial properties with 162 residential units in New York City with 184,943 square feet and a city-determined market value of $38.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 38 percent of the 184,943 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. The bulk, or 42 percent of the built space, is in Manhattan, with Brooklyn next at 30 percent of the space.

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