Lloyd Properties sells 6-unit in Boerum Hill for $3.4M

The entity Pacific Estate Partners LLC paid $3.4 million to Lloyd Properties through the entity 538 Pacific Owner LLC for the six-unit building (B1) at 538 Pacific Street in Boerum Hill, Brooklyn. The expected use is cash flowing.
The deal closed on October 3, 2025 and was recorded on October 20, 2025. The property has 3,200 square feet of built space and 800 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,062 and the price per buildable square foot is $849 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 December 19, 2024, for $2 million. The signatory for Lloyd Properties was David Lloyd . The signatory for the buyer was Sharon J. Tsao. The contract date was August 11, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sharon J. Tsao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lloyd Properties purchased 10 properties in 10 transactions for a total of $36.2 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Lloyd, head officer and David Goldoff, agent. The business entities are Camelot Property Management and 538 Pacific Owner Llc.

The property

The 1-4 family building with 6 residential units in Boerum Hill has 3,200 square feet of built space and 800 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The lot is irregular. 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 $1.6 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 six of the 11 commercial properties representing 66,812 square feet of the 210,103 square feet. The largest owner is Nyc Department Of Education, followed by Lloyd Properties and then Firebird Grove.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 210,103 square feet of built space are specialty buildings, with walkup buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Lloyd Properties owned at least 10 commercial properties with 85 residential units in New York City with 53,505 square feet and a city-determined market value of $18.8 million. (Market value is typically about 50% of actual value.) The portfolio has $2.4 million in debt, borrowed from Derby Copeland Capital. Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

Direct link to Acris document. link