Smith & Henzy Affordable acquires stake from Bushburg in 287-unit Bed Stuy rental valued at $68.4M

Smith & Henzy Affordable Group through the entity 1711 Fulton Redevelopment, LLC acquired an interest from Bushburg Properties through the entity Fulton Park Site 4 Houses, Inc. valued at $68.4 million in the 287-unit residential elevator building (D1) at 94-120 Chauncey Street complex in Bedford Stuyvesant, Brooklyn.
The deal closed on June 24, 2025 and was recorded on July 2, 2025. The property has 277,200 square feet of built space and 130,650 square feet of additional air rights for a total buildable of 407,025 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $246 and the price per buildable square foot is $168 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.)

Tim Henzy is a co-founder of Smith & Henzy.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Smith & Henzy Affordable Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bushburg Properties purchased one property in one transaction for a total of $160 million and sold one property in one transaction for a total of $22.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Hoffman, head officer and Joseph Milstein, site manager. The business entity is Vertices Holdings Llc.

The property

The residential elevator building with 287 residential units in Bedford Stuyvesant has 277,200 square feet of built space and 130,650 square feet of additional air rights for a total buildable of 407,025 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 167,500 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The most recent loan totaled $37.5 million and was provided by Webster Bank on May 31, 2022.

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, 139 housing violations, $3,675 in OATH penalties, and three housing litigations 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 three of the nine commercial properties representing 287,064 square feet of the 287,064 square feet. The largest owner is Bushburg Properties, followed by Joan Sanderman and then Tom Michael.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 287,064 square feet of built space are elevator buildings, with walkup buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that Bushburg Properties owned at least eight commercial properties with 1,037 residential units in New York City with 1,795,282 square feet and a city-determined market value of $230 million. (Market value is typically about 50% of actual value.) The portfolio has $477.6 million in debt, with top three lenders as Pine Financial Ltd., MF1 Capital, and Valley National Bank respectively. Within the portfolio, the bulk, or 67 percent of the 1,795,282 square feet of built space are office properties, with elevator properties next occupying 24 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Brooklyn next at 35 percent of the space.

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