Sunlight Development pays $33.2M to Madison Realty for dev site in Cobble Hill

Sunlight Development through the entity Hicks St Cobble Hill LLC paid $33.2 million to Madison Realty Capital through the entity Pacific Hicks Owner 1 LLC for the development site at 350 Hicks Street in Cobble Hill, Brooklyn. The expected use is ground up development.
The deal closed on February 18, 2026 and was recorded on March 5, 2026.

Commercial Observer reported on February 24, 2026 that Sunlight Development bought the parcel from Madison Realty Capital.

Fortis Property Group, the prior owner, filed two separate projects on the lot, but neither was built. Fortis turned the property over to its lender, Madison Realty Capital.

The more recent of the two projects, 320911091, was a new building project for a 117,244 square-foot school (E) building submitted by Fortis Property Group and filed by Akiva Kobre with plans filed February 13, 2018 and permitted September 17, 2019.

The earlier, 321189584, was a new building project for a 48-unit, 117,244 square-foot residential (R-2) building submitted by Fortis Property Group and filed by Akiva Kobre with plans filed December 6, 2016 and permitted September 17, 2019. Related to that, was a condominium plan filed by Fortis under FPG CH 350 HICKS, LLC to create 48 residential units in a building at 350 Hicks Street in Cobble Hill, Brooklyn, called 1 River Park Condominium that had a $113.3 million sellout, according to an August 17, 2018 submission to the New York State Attorney General. The principals of the sponsor, FPG CH 350 HICKS, LLC, were Joel Kestenbaum and Jonathan Landau.

Madison took title to the property on October 20, 2022, with a $53 million transfer value.

The signatory for this sale for Madison Realty Capital was David Speiser . The signatory for Sunlight Development was Linzhong Zhuo . The contract date was February 14, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Sunlight Development purchased 14 properties in four transactions for a total of $86.7 million and sold one property in one transaction for a total of $2.4 million over the past 24 months.
The seller Madison Realty Capital purchased five properties in three transactions for a total of $100.6 million and sold 16 properties in 14 transactions for a total of $283.8 million over the same time period. The 145,845-square-foot property generated revenue of $6.2 million or $43 per square foot, according to the most recent income and expense figures.

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 and $13,500 in ECB 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 234,488 square feet. The largest, 320911091, is a new building project for a 117,244 square-foot E building submitted by Fortis Property Group and filed by Akiva Kobre with plans filed February 13, 2018 and permitted September 17, 2019. The second largest, 321189584, is a new building project for a 48-unit, 117,244 square-foot R-2 building submitted by Fortis Property Group and filed by Akiva Kobre with plans filed December 6, 2016 and permitted September 17, 2019. On the tax lot, the most recent condominium plan was filed by FPG CH 350 HICKS, LLC to create 48 residential units in a building at 350 Hicks Street in Cobble Hill, Brooklyn, called 1 River Park Condominiumthat has a $113.3 million sellout, according to an August 17, 2018 submission to the New York State Attorney General. The principals of the sponsor, FPG CH 350 HICKS, LLC, were Joel Kestenbaum and Jonathan Landau.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 145,845 square feet on the block.The identified owner is Madison Realty Capital.
On the tax block, there were two new building construction projects totaling 234,488 square feet. The largest is a 48-unit, 117,244 square-foot residential (R-2) building submitted by Fortis Property Group and filed by Akiva Kobre with plans filed December 6, 2016 and permitted February 22, 2019. The second largest is a 117,244 square-foot educational (E) building submitted by Fortis Property Group and filed by Akiva Kobre with plans filed February 13, 2018 and permitted August 2, 2019.

All properties are elevator.

The seller

The PincusCo database currently indicates that Madison Realty Capital owned at least 57 commercial properties with 2,653 residential units in New York City with 2,503,611 square feet and a city-determined market value of $354.3 million. (Market value is typically about 50% of actual value.) The portfolio has $1.7 billion in debt, with top three lenders as Signature Bank, MF1 Capital, and TPG Angelo Gordon respectively. Within the portfolio, the bulk, or 78 percent of the 2,503,611 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. The bulk, or 42 percent of the built space, is in Queens, with Manhattan next at 32 percent of the space.

The buyer

The PincusCo database currently indicates that Sunlight Development owned at least seven commercial properties with 104 residential units in New York City with 74,336 square feet and a city-determined market value of $20.7 million. (Market value is typically about 50% of actual value.) The portfolio has $136.2 million in debt, borrowed from S3 Capital and Amerasia Bank. Within the portfolio, the bulk, or 77 percent of the 74,336 square feet of built space are elevator properties, with retail properties next occupying 18 percent of the space. The bulk, or 65 percent of the built space, is in Queens, with Brooklyn next at 35 percent of the space.

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