Lender Stormfield Capital acquires 8-unit rental in East Flatbush through $5M foreclosure sale

Stormfield Capital through the entity Stormfield Capital Funding I, LLC acquired through a judicial foreclosure the eight-unit residential elevator building (D6) at 517 Brooklyn Avenue in East Flatbush, Brooklyn. The former owner was Rafi Manor. The sale price was $5 million.
The deal closed on July 30, 2025 and was recorded on August 6, 2025. The property has 15,656 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $319 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 court foreclosing the property formerly owned by Rafi Manor was referee Simon Shamoun. The signatory for Stormfield Capital was Wesley Carpenter . The contract date was March 14, 2025. New York State Supreme Court in Brooklyn 524166/2020.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Stormfield Capital purchased two properties in two transactions for a total of $7.9 million and sold one property in one transaction for a total of $2.8 million over the past 24 months.
The seller Rafi Manor had not purchased any other properties and sold one property in one transaction for a total of $5.1 million over the same time period.

The property

The residential elevator building with 8 residential units in East Flatbush has 15,656 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 61 feet deep with a total lot size of 3,067 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 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 $92,330 in ECB penalties and $103,985 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 320913428, for a eight-unit, 11,545 square-foot R-2 building. The project was submitted by M1 Development and filed by Hakmon Hadas with plans filed October 9, 2014 and permitted June 27, 2019. On the tax lot, the most recent condominium plan was filed by M RENTAL BROOKLYN LLC to create 8 residential units and 2 commercial units in a building at 517 Brooklyn Avenue in East Flatbush, Brooklyn, called 517 Brooklyn Condominiumsthat has a $8.8 million sellout, according to an August 21, 2018 submission to the New York State Attorney General. The principal of the sponsor, M RENTAL BROOKLYN LLC, was Rafi Manor.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 12,252 square feet of the 176,173 square feet. The identified owner is Joel Wertzberger.
On the tax block, there were three new building construction projects totaling 22,654 square feet. The largest is a eight-unit, 11,545 square-foot residential (R-2) building submitted by M1 Development and filed by Hakmon Hadas with plans filed October 9, 2014 and permitted December 29, 2015. The second largest is a three-unit, 5,554 square-foot residential (R-2) building submitted by Sam Goldberg with plans filed November 30, 2023 and permitted May 13, 2025.

The majority, or 74 percent of the 176,173 square feet of built space are elevator buildings, with retail buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Rafi Manor owned at least one commercial property with eight residential units in New York City with 6,448 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio has $3.2 million in debt, borrowed from Stormfield Capital. The portfolio consists of at least a single C1 property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Stormfield Capital owned at least one commercial property with four residential units in New York City with 6,749 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C3 property. It is located in Brooklyn.

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