Mixed-use building in Brooklyn Heights sells for $5.4M

UPDATED 1:45 p.m., June 10, 2025: The entity 177 Atlantic LLC paid $5.4 million to Henry Koon through the entity 177 Eight, LLC for the three-unit mixed-use building (S3) at 177 Atlantic Avenue in Brooklyn Heights, Brooklyn.
The deal closed on March 28, 2024 and was recorded on April 5, 2024. The property has 6,250 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $864 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 October 21, 2020, for $3.9 million. The signatory for Henry Koon was Henry Koon. The authorized signatory for the buyer, who was not identified, was Mustafa Bahceci. The contract date was March 28, 2024.

Prior sales and revenue

The seller Henry Koon purchased one property in one transaction for a total of $1.7 million and sold one property in one transaction for a total of $2.9 million over the last 24 months. The former owners according to the Department of Housing Preservation and Development include Lila Coury, head officer and Gloria Perrotta, officer.

The property

The mixed-use building with 3 residential units in Brooklyn Heights has 6,250 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 85 feet deep with a total lot size of 2,124 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $2 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 two DOB 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 Brooklyn Heights, The bulk, or 26 percent of the 12 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has 2.4 times the average sales volume among other neighborhoods with $676.8 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Brooklyn Heights has had very little major development activity relative to other neighborhoods.It had 676,888 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 26 commercial properties representing 53,407 square feet of the 130,861 square feet. The largest owner is William Radmin, followed by Sefedin Rakipi and then Ron Sahadi.
On the tax block, there was one new building construction project filed totaling 7,098 square feet. It is a six-unit, 7,098 square-foot residential (R-2) building submitted by Ki Yol Kim with plans filed December 8, 2017 and it has not been permitted yet.

The majority, or 48 percent of the 130,861 square feet of built space are mixed-use buildings, with walkup buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Henry Koon owned at least one commercial property with three residential units in New York City with 3,420 square feet and a city-determined market value of $884,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

Correction: A prior version of this post incorrectly identified the buyer as Mustafa Bahceci. In fact, Mustafa Bahceci is an authorized signatory, but was not the buyer.

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