Partners Path pays $6.3M for two recently constructed walkups in Bushwick

Partners Path through the entity 4951 Cedar Owner LLC paid $6.3 million to Minotaur Management through the entities 49 Cedar LLC and 51 Cedar LLC for the eight-unit walkup 49 Cedar Street and the adjacent eight-unit walkup 51 Cedar Street, Manhattan. The expected use is cash flowing. The free-market buildings were constructed by Minotaur Management in 2015 and 2018.
The deal closed on October 31, 2025 and  has not yet been recorded. The sale price per square foot was $572.

Partners Path Capital is led by Alex Lebowitz and Ethan Bloomberg.

The sale was handled by Baruch Edelkopf and Bryan Altamirano of Schuckman Realty. Each property features a roof deck, private gym, laundry facilities, and a backyard. The sale was transacted at a 6% capitalization rate, according to the brokers.

The property

The walkup building at 49 Cedar Street with 8 residential units in Bushwick has 5,500 square feet of built space and 414 square feet of additional air rights for a total buildable of 5,924 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 97 feet deep with a total lot size of 2,438 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 $1.2 million.

The walkup building 51 Cedar Street with 8 residential units in Bushwick has 5,590 square feet of built space and 341 square feet of additional air rights for a total buildable of 5,924 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 97 feet deep with a total lot size of 2,438 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 $1.4 million.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has near average sales volume among other neighborhoods with $539.2 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 3,413 square feet. It is a two-unit, 3,413 square-foot residential (R-3) building submitted by Sejal Sood with plans filed January 16, 2020 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Minotaur Management owned at least eight commercial properties with 58 residential units in New York City with 46,550 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The surrounding

Within a 400-foot radius of 51 Cedar Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Shlomo Karpen borrowed $70.8 million from Newmark secured by the 118,265-square-foot, 139-unit rental (D3) on None on August 29, 2025.

Direct link to the property’s ACRIS page and link to DOB NOW portal.