RH Brooklyn Capital pays $4.8M to Shape Capital for 3-family in Fort Greene

RH Brooklyn Capital through the entity RH Washington Park LLC paid $4.8 million to Shape Capital through the entity 176 Washington Park LLC for the three-unit building (C0) at 176 Washington Park in Fort Greene, Brooklyn. The expected use is cash flowing.
The deal closed on May 1, 2025 and was recorded on May 13, 2025. The property has 6,355 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $755 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 June 17, 2020, for $3.7 million. The signatory for Shape Capital was Seth I. Feldman. The signatory for RH Brooklyn Capital was Menahem Chukroon . The contract date was December 4, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer RH Brooklyn Capital purchased one property in one transaction for a total of $2.3 million and has no record it sold any properties over the past 24 months.
The seller Shape Capital had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 3 residential units in Fort Greene has 6,355 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 31 feet and is 64 feet deep with a total lot size of 2,425 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 property is in the Fort Greene Historic District. The city-designated market value for the property in 2022 is $1.4 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 $2,250 in ECB penalties and $3,030 in OATH penalties in the last year.

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 10,434 square feet. The largest, 321598847, is a major alteration project for a five-unit, 8,355 square-foot R-2 building submitted by Rawad Halloway with plans filed November 13, 2020 and permitted August 11, 2022. The second largest, 321598856, is a new building project for a one-unit, 8,355 square-foot R-3 building submitted by Rawad Halloway with plans filed November 13, 2020 and permitted April 25, 2025.

The block

On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 25,793 square feet of the 93,078 square feet. The largest owner is Lawrence Chan, followed by Lynn Van Lith and then James Campbell.
On the tax block, there was one new building construction project filed totaling 8,355 square feet. It is a one-unit, 8,355 square-foot residential (R-3) building submitted by Rawad Halloway with plans filed November 13, 2020 and permitted April 25, 2025.

The majority, or 34 percent of the 93,078 square feet of built space are industrial buildings, with mixed-use buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Shape Capital owned at least two commercial properties with three residential units in New York City with 5,775 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 5,775 square feet of built space are mixed-use properties, with A5 properties next occupying 42 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Rh Brooklyn Capital owned at least one commercial property with seven residential units in New York City with 2,700 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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