Vega sells single-family conversion for $16M in Cobble Hill, was $3.85M in 2020

The entity Cobble Chill LLC in care of Sullivan & Cromwell paid $16 million to Vega Management through the entity 205 Clinton Street, LLC for the single-family building (A4) at 205 Clinton Street in Cobble Hill, Brooklyn, converted from a four-family. The expected use is cash flowing.
The deal closed on May 26, 2026 and was recorded on June 9, 2026. The property has 4,935 square feet of built space and 540 square feet of additional air rights for a total buildable of 5,467 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,242 and the price per buildable square foot is $2,926 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 sellers bought the property on June 30, 2020, for $3.85 million. The signatory for Vega Management was Allen Schifino . The signatory for Sullivan & Cromwell registered buyer was Alison Hirsch. The contract date was May 5, 2026.

Brandon Hornbeck of 205 Clinton Street, LLC submitted a major alteration application for the conversion of the four-unit residential (RES) building at 205 Clinton Street in Cobble Hill, Brooklyn to a single-family home. The plan was filed with the New York City Department of Buildings on December 29, 2021 under job number B00635905 and was permitted on March 11, 2024. It call for a rehab of the four-story building. The project is described in the filing as: convert existing 4 stories w/cellar 4 families residential building to a one family building with horizontal extension at the rear.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vega Management had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Brandon Hornbeck , head officer. The business entity is 205 Clinton Street, LLC.

The property

The 1-4 family building with 4 residential units in Cobble Hill has 4,935 square feet of built space and 540 square feet of additional air rights for a total buildable of 5,467 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,250 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 Cobble Hill Historic District. The city-designated market value for the property in 2022 is $1.7 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.

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 10 commercial properties representing 12,765 square feet of the 66,020 square feet. The largest owner is 109co, followed by PAUL FRIED and then Blake Partners .
There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 66,020 square feet of built space are walkup buildings, with retail buildings next occupying 35 percent of the space.

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