Sam Sprei pays $2.4M to Sugar Hill for 8-unit walkup in Crown Heights

Sam Sprei through the entity 1509 Pacific Group LLC paid $2.4 million to Sugar Hill Capital Partners through the entity 1509 Pacific Residences, LLC for the eight-unit residential walkup building (C1) at 1509 Pacific Street in Crown Heights, Brooklyn. The expected use is cash flowing.
The deal closed on March 25, 2026 and was recorded on April 22, 2026. The property has 6,800 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $352 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 and three others on October 21, 2015, for a total of $10 million. The signatory for Sugar Hill Capital Partners , which is now T30 Capital, was Jeremy Salzberg . The signatory for Sam Sprei was Yechiel Sprei . The contract date was January 6, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Sam Sprei purchased one property in one transaction for a total of $13.1 million and has no record it sold any properties over the past 24 months.
The seller Sugar Hill Capital Partners had not purchased any other properties and sold 10 properties in six transactions for a total of $52.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Scott Castellano, head officer and Genesis Herrera, site manager. The business entity is 1509 Pacific Residences Llc. The 6,800-square-foot property generated revenue of $138,516 or $20 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 8 residential units in Crown Heights has 6,800 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 32 feet and is 63 feet deep with a total lot size of 2,043 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 Crown Heights North III 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 one DOB violation and $230 in OATH penalties 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 nine of the 20 commercial properties representing 43,002 square feet of the 124,856 square feet. The largest owner is Raj Ramsaran, followed by Sugar Hill Capital Partners and then Hassan Aboulessan.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 124,856 square feet of built space are industrial buildings, with walkup buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Sugar Hill Capital Partners owned at least 70 commercial properties with 1,372 residential units in New York City with 1,373,620 square feet and a city-determined market value of $342.2 million. (Market value is typically about 50% of actual value.) The portfolio has $128.8 million in debt, with top three lenders as Signature Bank, Citibank, and New York Community Bank respectively. Within the portfolio, the bulk, or 53 percent of the 1,373,620 square feet of built space are walkup properties, with elevator properties next occupying 35 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Brooklyn next at 31 percent of the space.

The buyer

The PincusCo database currently indicates that Sam Sprei owned at least one commercial property with 41 residential units in New York City with 72,715 square feet and a city-determined market value of $13.3 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Peter Stern. The portfolio consists of at least a single elevator property.

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