Ranco Capital pays $10.6M for 71-unit dev site in Crown Heights

UPDATED 12:57 p.m., May 8, 2026: Ranco Capital through the entity 1084 Pacific Associates LLC paid $10.6 million to Renaye B. Cuyler and Maria K. Sealy through the entity Mksrbc Realty, LLC for the office building (O7) at 1084 Pacific Street in Crown Heights, Brooklyn. The expected use is ground up development.

On the lot, there is one active new building construction project, B01373413, for a 71-unit, 53,826 square-foot residential (R-2) building. The project was submitted by Ranco Capital and filed by Joseph Banda with plans filed March 23, 2026 and it has not been permitted yet.
The deal closed on April 27, 2026 and was recorded on May 5, 2026.
The signatory for Renaye B. Cuyler and Maria K. Sealy was Renaye B. Cuyler and Maria K. Sealy. The signatory for Ranco Capital was Joseph Banda . The contract date was April 30, 2026.

At the same time, Ranco Capital obtained a $36.4 million construction loan from BridgeCity Capital.

ZD1 DOB Zoning Diagram

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Ranco Capital purchased two properties in two transactions for a total of $26.5 million and has no record it sold any properties over the past 24 months.
The seller Renaye B. Cuyler had not purchased any other properties and had not sold any properties over the same time period. The 5,084-square-foot property generated revenue of $234,474 or $46 per square foot, according to the most recent income and expense figures.

The property

The office building in Crown Heights has 5,084 square feet of built space and 7,304 square feet of additional air rights for a total buildable of 12,380 square feet according to a PincusCo analysis of city data. The parcel has frontage of 77 feet and is 130 feet deep with a total lot size of 12,380 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.1 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.

The neighborhood

In Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 2.5 times the average sales volume among other neighborhoods with $877.3 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Crown Heights has 1.5 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 26 commercial properties representing 50,092 square feet of the 113,322 square feet. The largest owner is Montgomery Street Partners, followed by Clipper Realty and then Beitel Group.
On the tax block, there were nine new building construction projects totaling 747,167 square feet. The largest is a 234-unit, 164,763 square-foot residential (R-2) building submitted by Solomon Schwimmer and filed by Solomon Schwimmer with plans filed March 6, 2022 and permitted May 27, 2022. The second largest is a 234-unit, 164,763 square-foot residential (R-2) building submitted by Solomon Schwimmer and filed by Solomon Schwimmer with plans filed March 6, 2022 and permitted May 27, 2022.

The majority, or 32 percent of the 113,322 square feet of built space are office buildings, with mixed-use buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Ranco Capital owned at least seven commercial properties with 230 residential units in New York City with 89,802 square feet and a PincusCo-determined asset value of $217.9 million. The portfolio has $98.3 million in debt, with top three lenders as Ponce Bank, Webster Bank, and Parke Bank respectively. Within the portfolio, the bulk, or 46 percent of the 89,802 square feet of built space are walkup properties, with elevator properties next occupying 33 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Manhattan next at 33 percent of the space.

Correction: An earlier version of this post showed incorrect potential development figures for the tax lot.

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