Spatial Equity pays $7M to Cayuga Capital for dev site in East New York

Spatial Equity through the entity 729 Van Sinderen Housing Development Fund Corporat paid $7 million to Cayuga Capital Management through the entity Calmer Than You Are LLC for the industrial building (G9) at 723-747 Van Sinderen Avenue in East New York, Brooklyn. The expected use is ground up development.
On the lot, there is one active new building construction project, B01043155, for a 167-unit, 112,277 square-foot residential (R-2) building. The project was submitted by Cayuga Capital and filed by James Wiseman with plans filed June 5, 2024 and it has not been permitted yet.
The deal closed on October 22, 2025 and was recorded on November 6, 2025. The property has 20,200 square feet of built space and 69,750 square feet of additional air rights for a total buildable of 90,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $348 and the price per buildable square foot is $78 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 January 5, 2015, for $2.1 million. The signatory for Cayuga Capital Management was Ryan O. Miller . The signatory for Spatial Equity was Alexis Perrotta. The contract date was March 6, 2023. Ariel Property Advisors brokered the sale, according to a published report, “An Ariel team led by Sean R. Kelly, Esq., Partner, along with Stephen Vorvolakos, Director, and Gabriel Elyaszadeh, Senior Associate, represented the seller. Josh Malekan of Venture Capital Partners represented the buyer.”

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Spatial Equity had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Cayuga Capital Management had not purchased any other properties and sold two properties in one transaction for a total of $26.9 million over the same time period. The 20,200-square-foot property generated revenue of $239,168 or $12 per square foot, according to the most recent income and expense figures.

The property

The industrial building in East New York has 20,200 square feet of built space and 69,750 square feet of additional air rights for a total buildable of 90,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 250 feet and is 90 feet deep with a total lot size of 22,500 square feet. The zoning is C4-4L which allows for up to nan times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. 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 East New York, The bulk, or 40 percent of the 44.6 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 1.3 times the average sales volume among other neighborhoods with $375 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, East New York has 3.1 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block, there was one new building construction project filed totaling 112,277 square feet. It is a 167-unit, 112,277 square-foot residential (R-2) building submitted by Cayuga Capital and filed by James Wiseman with plans filed June 5, 2024 and it has not been permitted yet.

The majority, or 92 percent of the 27,880 square feet of built space are industrial buildings, with mixed-use buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Cayuga Capital Management owned at least 24 commercial properties with 215 residential units in New York City with 180,248 square feet and a city-determined market value of $35 million. (Market value is typically about 50% of actual value.) The portfolio has $77.2 million in debt, with top three lenders as Amherst Capital Management, M&T Bank, and Dime Community Bank respectively. Within the portfolio, the bulk, or 58 percent of the 180,248 square feet of built space are walkup properties, with D7 properties next occupying 35 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Queens next at 5 percent of the space.

Direct link to Acris document. link